16 September 2022

CDR to ease pressure on family budgets

Driving down household bills to combat inflation is a key priority for the Albanese Government and technology can help.

The Consumer Data Right can boost competition and deliver consumers more choices to help them manage the family budget.

CDR is already delivering gains for consumers in the banking market.

Now the government is inviting public comment on draft rules to extend this important consumer power to telecommunications.

The CDR allows consumers to reclaim control of the data their service providers hold about them by sharing it with third parties that offer innovative products and services.

Consumers’ CDR data can be used to find them better deals, simplify budgeting and accounting, and reduce paperwork.

These business can use the data to tailor better value offerings and reduce processing costs.

CDR for energy will commence in November this year.

The government also has plans to extend CDR to the non‑bank lending market, giving consumers a way to take more control over their biggest bills: the mortgage, the phone bill and the power bill.

The government encourages anyone with an interest in using technology to manage family finances to read and respond to its draft rules.

Interested parties can view the draft rules on the Treasury website.

Quotes attributable to Stephen Jones, Assistant Treasurer:

“With family budgets under increasing strain, expanding CDR couldn’t come at a better time for consumers.

“But we want to get this right.

“That’s why I’m calling on anyone with an interest in this area to let us know their views.”