Uber could save Australians $500 million in taxi fares, and bring employment prospects to those often “on the fringes of the job market”. The answer to this question has the potential to shape the rate at which the sharing economy grows in the next decade. Therefore, by default, it influences the way we consume goods and services. It cannot be answered with a yes or no, but rather, ‘to what extent should internet platforms be regulated?’ In terms of facilitating innovation and maximising economic welfare, it would appear self-regulation would be ideal for those respective aims. The regulatory bodies that revolve around the sharing economy needs to be flexible and adapt around the sharing economy’s ever changing needs. This will ensure a system where the companies can meet the wants and needs of consumers safely and within the constraints of the law. Regulation remains essential for ensuring safety for consumers and suppliers on the platform, but we must be careful not to fall back on outdated regulations and instead concentrate on maintaining a level playing field unobtrusively and with no degree of protectionism. Ultimately, it boils down to whether we as a society think that putting innovation and change on hold is necessary to allow regulators to catch up, or whether regulation should update itself and become more mobile in order to allow for continued progress and growth.
46
Made with FlippingBook Annual report