The Morrison Government is continuing to give consumers more power over their own data by undertaking an inquiry to examine further ways in which the Consumer Data Right (CDR) can further support innovation and competition.
The Consumer Data Right provides consumers with greater access to their personal information, giving them the power to instruct businesses to provide safe and secure access of their data to trusted third parties. This allows consumers to more easily compare offers in the market and to take advantage of them should they wish to do so. The CDR also allows new competitors to enter the market and challenge existing providers.
The Inquiry will examine matters that include how the CDR can be:
- Expanded beyond its current “read” access to include “write” access to enable customers to apply for and manage products (including, for Open Banking, by initiating payments);
- Leveraged with other frameworks to enhance security, efficiency and the consumer experience including the New Payments Platform;
- Further used to overcome behavioural and regulatory barriers to allow consumers to conveniently and efficiently switch between products and providers; and
- Enhanced by considering global developments with respect to similar reforms.
The review will be led by Mr Scott Farrell who undertook the formative review which gave rise to the newly legislated Consumer Data Right regime.
The review will draw upon technical expertise from the private sector by consulting broadly with industry, consumer and privacy advocates, and other interested parties in developing the report and recommendations.
The review will report by September 2020. An Issues Paper will be made available in early 2020 for interested parties to provide input and feedback.
The terms of reference are available on Treasury’s website.