30 November 2022

Expanding Consumer Data Right to non-bank lenders


The Hon Stephen Jones MP
Assistant Treasurer and Minister for Financial Services

Australian consumers deserve to have their data working for them, securely and safely.

The Consumer Data Right (CDR) gives consumers power over the data their service providers collect, enabling them to shop around for a better deal.

It uses enhanced data security, combined with a consent-driven data-sharing model, to quickly and securely match individual needs with the market offering that best suits them.

CDR’s Open Banking ecosystem is already empowering bank customers.

The Albanese Government is now designating the expansion of CDR to the non-bank lending sector.

We expect new and existing mortgage holders will benefit with access to better-tailored, more competitive deals.

With CDR in the energy sector, and soon to be rolled out to medium-sized energy providers and telecommunications providers, Australian consumers will have more ways than ever to take control of household expenses.

The Non-bank Lending Designation Instrument can be found on the Federal Register of Legislation website.

The Government will shortly commence consultation with industry and government stakeholders on the development of rules and data standards for the non-bank lending sector.

For more information visit the CDR website.