Yes. As you said, the long-form census collects a great deal more information that is relevant not only to government, but also to industry and commerce. The main issue in 2010-11 had to do with whether the respondents would be randomly selected and required to respond. That would guarantee that the responses would be unbiased—in other words, that good data would be collected. So, it certainly is an essential feature for modern society.
On April 11th, 2017. See this statement in context.