The Morrison Government has today released amendments to the Consumer Data Right Rules (version 4 of the rules) that will expand the Consumer Data Right (CDR) to the energy sector. This is a significant milestone for the CDR and Australia’s digital economy, benefiting Australian households and businesses trying to manage their energy use and expenditure.
Introducing the CDR in the energy sector means Australian households and businesses will be able to access more accurate information about their energy use and their energy plan.
From October 2022, product information will be shared to facilitate better comparisons of energy plans. Householders and businesses will be able to make more informed decisions when looking for better, more tailored deals to help them drive down the cost of their energy bills.
From November 2022, energy consumers will start to benefit from secure and easy sharing of data about their own energy use and connection. To do this, consumers will need to give consent to share their data with a comparison service or fintech app, which will then help them get more out of their energy expenditure or get the best available energy deal.
Other ways to save money with the CDR in the energy sector include consumers sharing their energy data with their banking data. Combining energy and banking data allows consumers to track spending to manage their household budget, find ways to reduce unnecessary energy usage and get estimates of future energy bills – all in one place.
Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, Minister for Women’s Economic Security, said that improved access to data will enable the development of innovative energy products and services, many customised to individual needs.
“With increased consumer mobility, energy retailers will be encouraged to improve tailoring of services and create better consumer experiences to retain their customers. I’m excited to see this expansion of the CDR across the economy, with telecommunications as the next sector under consideration,” Senator Hume said.