Building on the recent announcement to expand the Consumer Data Right (CDR) to telecommunications data, then Open Finance and provide new functionality, today the Morrison Government announces the commencement of a statutory review on the operation of the CDR.
With the implementation of Open Banking almost complete, sharing of energy data due to commence in November this year, the recent designation of the telecommunications sector as the third sector and Open Finance identified next, the Government is on track to deliver an economy wide CDR.
The review is initiated under section 56GH of the Competition and Consumer Act 2010 and will explore the extent to which implementation of the CDR statutory framework supports the core policy objectives of driving value for consumers, increasing competition within designated sectors, and driving innovation across the data services sector.
The Government has appointed Ms Elizabeth Kelly PSM, a former longstanding senior public servant, to lead the review.
Ms Kelly has had a long and distinguished career in the Australian and ACT governments and brings significant experience and knowledge of public policy and regulation. Ms Kelly is a former deputy secretary of the Department of the Prime Minister and Cabinet, the Attorney General’s Department and, most recently, the Department of Industry, Innovation and Science, where she led technology, innovation and digital policy development, including key elements of the Australian Government’s Digital Economy Strategy.
The review will focus on implementation of Open Banking and the introduction of rules to cover the energy sector from late 2022 and take into account other relevant CDR developments, such as the Digital Economy Strategy, the Government response to the final report of the Inquiry into Future Directions for the Consumer Data Right, the Consumer Data Right Strategic Assessment, and international developments.
“The statutory review is timely given the significant progress to date,” said Minister Hume. “It provides an opportunity to reflect on what’s worked well, any lessons learnt and areas to strengthen the statutory framework to support economy-wide implementation, as well as deliver tangible benefits to consumers and underpin a world-leading digital economy”.
The review will be completed in July 2022.