Hiring an employee, or bringing in an intern as a small business owner can be difficult. You are wearing all the hats. You have to keep the business functioning and profitable, but also ensure you are not putting your business at risk and remaining legally compliant.

Recent changes to privacy law in Australia are impacting businesses across the country.

The Privacy and Other Legislation Amendment Bill 2024 has become law in Australia and this article breaks down what’s changed, what hasn’t, and what it means for your small business.

Key Changes in Privacy Laws

The Privacy and Other Legislation Amendment Bill 2024 sees changes to the following aspects of privacy law:

1.             Automated decisions: if your business uses computer programs to make decisions that affect people (like whether they qualify for a service or an AI chatbot), you’ll need to update your privacy policy.

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During our recent trip to Vanuatu, as we dodged potholes and chickens in the back of a bus from Port Vila to Blue Lagoon, Lawrence our driver shared his wisdom with us.

Lawrence explained how in Vanuatu parents often plant sandalwood trees for their children when they are born. It can take over 20 to 30 years until the tree is ready to harvest, by which time it is precious (up to 1 million vatu per tree), the most precious non-timber forest product for its oil and wood.*

The strategic investment is deeply symbolic of building a business. It got me thinking about planting the seeds of success in my small business and how I am building a strategic future for my retirement and my son as he grows into adulthood with that business.