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An information paper by the Productivity Commission has highlighted how there is scope for Australia to adopt regulatory technology (regtech) beyond the financial sector, with the belief it can improve regulatory outcomes and reduce the costs of administration and compliance.

In its regulatory technology information paper [PDF], the Productivity Commission noted how Australia is “well-placed” to develop regtech solutions given its “relatively stable and sophisticated” regulatory systems, but currently, extensive use of regtech remains relatively low.

“Low awareness can dampen both demand and supply responses — business need to see value in changing their software so that developers see value in investing in applications, which in turn deliver the value businesses need to see,” the paper stated.

It went on to suggest that Australia could extend its existing use of “low-tech” solutions, including digitised data, forms, registers, and transactions to streamline business and individual transactions with government, as well as

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Australian Medical Association president Omar Khorshid said he did not expect many doctors would publish their fees on the website, which was “a complete failure” and “should be abandoned”.

“Until the website can actually give an individual patient confidence about what gap they might be facing compared with other practitioners, then it’s not going to be useful at all,” Dr Khorshid said.

Macquarie University Centre for the Health Economy director Henry Cutler said the fact participation was voluntary meant it would be “impossible for patients to determine value for money” by searching the website.

The latest official data from the Australian Institute of Health and Welfare shows Australians spent $30 billion on out-of-pocket medical costs in 2017-18.

Grattan Institute health economist Stephen Duckett said the budget provided “no real enhancement to ensure usable comparative information on all doctors will be available to the public”.

Health Minister Greg Hunt announced plans

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