There have been a number of amendments to the Privacy Act which came into effect on 12th March 2014. These changes are mostly to do with individual privacy protection regarding Medical Health Records and Credit Reporting and will not generally affect the way small businesses must comply, unless your business relates to either of these categories.
The Privacy Act now includes a set of 13 new harmonised privacy principles that regulate the handling of personal information by Australian and Norfolk Island Government agencies and some private sector organisations.
You can view the new personal privacy fact sheets here. In particular Fact Sheets 10 & 15 to 22 relate to how to protect your personal information with regard to credit reporting and health records.