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Massive data breach Optus in Australia

I wonder if this will prompt Australia to update it's data protection legislation? Am I right in thinking they're still relying on the 1988 Act?
 
I wonder if this will prompt Australia to update it's data protection legislation? Am I right in thinking they're still relying on the 1988 Act?

Not sure about the actual act but companies like telcos, internet providers etc. have to hold onto certain customer data for a period of 2 years I think because of so called anti terror laws that Howard and PM's after him kept doing.
 
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