The paradox that personal data is more valuable to those who collect and store it than it is for the individuals about whom it relates could soon end following recommendations from a Productivity Commission inquiry.

How ground breaking it would be if we could actually profit from our own data, rather than it be the property of those who collect it. This means that the information that relates to the way we go about our lives – how much electricity we actually use, what types of music we download and when, insurance and even banking needs – could be owned by us to use to bargain service providers for deals that more accurately reflect our needs.

For too long consumers have been missing out on a range of benefits the come from having a comprehensive right to our own data.

It is a truism that consumers should compare deals and analyse information to secure the best services. Just as it is that actually doing all that work is no easy task. For those of us who actually take the time to interpret all those jargon-filled brochures and charts, having the right to our own real data to secure services that best matches our individual needs seems a better and more transparent option. Indeed the Productivity Commission is recommending that consumers not only be given the right to get access to their own data but also to instruct the collector of the information to send it to a third party. All this should be able to be done without contravening privacy laws.

Competition and consumer regulators like the ACCC agree that one’s data should be considered an asset and a ‘comprehensive’ right of consumers. Data should be viewed as a commodity and a valuable tool that enables individuals to not simply control their data but use it to enable competition, promote innovation and even bring about improve data collection and storage practices.

ACCC Chairman, Rod Sims calls it ‘ground breaking’ and says owning one’s data is the true disruptor in a global economy. Mr Simms goes further and sees advantages for start ups to be able to design specialist products to more accurately meet the needs of consumers.

So who pays for all this data transfer? Already the regulators are considering ways to monitor levies and charges that a data holder might impose on a customer who requests access to the information. The ACCC argues that it rightly fits its core business of enabling competition and consumer protection. Businesses that have invested in data collection, storage and analysis would be wise to watch the developments as the ACCC and Productivity Commission navigate this new area of disruption, and to consider making submissions to the reviews.

Jacquelynne Willcox is Managing Director of Powell Tate Australia.