Check out this excerpt from Chapter 3 Innovation of the Murray report – the final report of the Financial System Inquiry:
The Inquiry’s recommendations to facilitate innovation aim to:
- Encourage industry and government to work together to identify innovation opportunities and emerging network benefits where government may need to facilitate industry coordination and action.
- Strengthen Australia’s digital identity framework through the development of a national strategy for a federated-style model of trusted digital identities.
- Remove unnecessary regulatory impediments to innovation, particularly in the payments system and in fundraising for small businesses.
- Enable the development of data-driven business models through holding a Productivity Commission Inquiry into the costs and benefits of increasing access to and improving the use of private and public sector data.
These recommendations will contribute to developing a dynamic, competitive, growth-oriented and forward-looking financial system for Australia.
In our channel we have accurate data flowing between supplier and retailer, data that can drive efficiency for all stakeholders. Yet it is not used for to do so would reduce the income from one stakeholder.
While there is mucking around going on with magazines at the moment because of the code of conduct moves, it does not go as far as the world envisaged by Murray and others who worked on the Inquiry.
The current approach to using newsagent magazine sale and return data impedes our channel, it makes us less competitive. Murray would not be impressed.