NSW Govt Launches Collaborative Economy Framework
Tuesday, 19th January 2016 at 10:52 am
The NSW Government has released a framework for regulating what is described as the “collaborative economy” and responding to disruption within the traditional economy.
A NSW Government Position Paper, released by Minister for Innovation, Victor Dominello, said the collaborative, or peer-to-peer, sector had contributed $504 million to NSW’s economy last year.
The government said the types of goods and services available through the collaborative economy were growing quickly and included car sharing, ride sharing, accommodation, second-hand goods, personal and employment services, and other goods and services.
A spokesperson for the minister said the collaborative economy affected both businesses and Not for Profits working towards greater social impact.
Dominello said international experience showed that where governments had embraced the collaborative economy and adopted sensible regulation, it had provided a significant boost for local startups, social enterprises and entrepreneurs.
“Digital innovation is transforming the way people do business in every city and every country around the world. The reality is the collaborative economy is here to stay,” Dominello said.
In consultation with industry, the NSW Government said it had released a set of principles that would underpin the policy and provide safeguards to consumers, businesses and organisations.
The NSW Government’s position paper is set out under five guiding principles – supporting a culture of innovation, fit for purpose regulation in the digital age, customer protection and safety, promoting competition, and agile government procurement.
A Deloitte Access Economics report estimated that more than 50 per cent of NSW consumers have used a digitally enabled shared product or service that includes transport, accommodation, education, employment and finance.
In the last year, 45,000 people earned income from the collaborative economy. Globally, it is predicted that the collaborative economy will grow from current US$15 billion to US$335 billion by 2025.
“The economic benefits relating to the collaborative economy are already significant and will continue to grow, as more consumers choose to link or share directly with providers via online and mobile platforms,” Dominello said.
In developing the position paper, the NSW Government said it had consulted with key industry representatives from collaborative economy businesses and traditional economy participants.
The government spokesperson said Not for Profits were being encouraged to provide feedback which can be submitted here.