Where to next for consumer policy? It’s got to keep up!

1. Where to next for consumer policy?It’s got to keep up! Nick Stace CEO, CHOICE

2. Unlockpower of consumers

3. Changing consumers Changing consumer policy Our time has come The consumer has more control Business response to the modern consumer Need regulators to keep up with the change The next wave of reforms

4. Our time has come She’ll be right Attitude suited a lazy section of corporate Australia CHOICE Consumer Champion Adam Brimo Vodafail - 22,000 people have joined class action Better Banking Campaign 50,000 switches in first week Shonkys and CHOICE Awards No fear or favour A global movement Move your money / Earth Day

5. The consumer has more control • Coke 150m views on YouTube • Only 25m looked at Coke ‘official’ content • Virgin airline meals • ‘Dead hamster for Christmas’ • ‘United Breaks Guitars’ • 10m views • Facebook • 30bn pieces of content shared every month

6. A revolution some are not used to • People are more savvy and active • Shopping online, researching before purchasing • Giants of Australian retail complacent • Banks with 1960s technology • Gerry Harvey reluctantly going online • High dissatisfaction with companies’ complaints handling • Listen, apologise and fix problems • Listen and respond to consumers • Book and music industries – price, stock, service

7. BUT others are embracing change • Zappos • 402m conversations set out to exceed expectations • NAB • No-fee bank accounts that people want • Facebook • Feb 2004, 650m active users, worth approx $80bn • Softel Hotel Tripadvisor.com • And Tripadvisor.com

8. We need regulators Not everyone can do an Adam CHOICE can’t be everywhere People need to know/exercise rights Enforcement action is required Rapidly changing environment

9. BUT they need to keep up! • The first wave was a major step forward • need consumer education and enforcement • BUT what’s next? Three types of reforms to embrace modern networked consumer: • The right to know • Regulators to empower and engage consumers • Keeping up with the new world

10. 1. The right to know • Open doors to consumers • from food hygiene to level of customer complaints • UK Government’s Mydata project • powers to demand information from mobile phone companies • ‘Need to know basis’ • Let the people decide • CHOICE shines a spotlight • products and services

11. 2. Empower and engage consumers • Why do it alone? • Each day people tell us where the problems lie • So put power into hands of the people • Super complaints • Collective powers • Representing collective action • Enabling collective purchasing

12. 3. Keeping up with the new world • Need the same energy as those who organise crime!- Do we need to offer better financial incentives? • Companies restricting choice- iTunes 73 per cent more expensive • Consumers rights not being adequately protected- Mandatory disclosure laws on stolen personal data

13. Finally • In all campaigns we talk about: • Consumers playing their part • Industry meeting consumer expectations • Government and regulators prepared to step in • Consumers are playing their part and they expect industry and government to do so as well • New leadership at ACCC provides new opportunity for next wave of reform • Optimistic it will happen with your support