It has to comply with the Australian Privacy Act and is required by law for websites that collect ANY customer or website visitor information including; email address, physical address, telephone numbers or credit card numbers, etc.⠀
The Privacy Act covers organisations with an annual turnover more than $3 million and operating in Australia, and some other organisations. A number of factors go into deciding if an organisation operates in Australia, including if they have a presence in Australia or carry on a business in Australia.
Privacy Policies are different to Terms & Conditions but often go hand in hand. ⠀