Consumer Data Right Summary The Government will Data made available The Government has introduce a Consumer under Open Banking will provided funding of Data Right as part of its be provided without $45 million over four commitment to giving charge. years to ensure that the Australians greater Consumer Data Right Improved consumer control over their data. will be backed by control over their own funded regulators with Australians will have data will support the strong enforcement greatly improved access development of better powers. to their own data in a and more convenient usable form and be able products and services, Implementation of the to direct its secure customised to Consumer Data Right transfer to trusted third individuals’ needs. will be informed by the parties. findings of the Report of Better price comparison the independent Review Australians will also have services, which consider into Open Banking in better access to data on consumers’ actual Australia. key goods and services usage, will help on offer to them. consumers to save The Government has money by securing agreed to the Both individual and better banking, recommendations of business customers will electricity and internet the Open Banking be able to exercise the service deals. Review on the design of right in respect of data the Consumer Data relating to them. Improved competition Right and how it will be and data-driven applied to banking, with The Consumer Data Right innovation will support a phased will commence in the economic growth and implementation from banking sector (where it create new high value July 2019. is called ‘Open Banking’), jobs in Australia. followed by the energy The Government will and telecommunication High levels of privacy consult publicly on the sectors. The right will protection and robust legislative design of the then be rolled out information security will Consumer Data Right economy-wide on a be a core feature of the before it is introduced sector-by-sector basis. system. into Parliament. Only accredited trusted service providers will be allowed access to data. If you have any queries or comments regarding either the Consumer Data Right or the Open Banking Review, please contact Treasury at .
Consumer Data Right Summary The Government will introduce a Consumer Data Right as part of its commitment to giving Australians greater control over their data. Australians will have greatly improved access to their own data in a usable form and be able to direct its secure transfer to trusted third parties. Australians will also have better access to data on key goods and services on offer to them. Both individual and business customers will be able to exercise the right in respect of data relating to them. The Consumer Data Right will commence in the banking sector (where it is called ‘Open Banking’), followed by the energy and telecommunication sectors. The right will then be rolled out economy-wide on a sector-by-sector basis. Data made available under Open Banking will be provided without charge. Improved consumer control over their own data will support the development of better and more convenient products and services, customised to individuals’ needs. Better price comparison services, which consider consumers’ actual usage, will help consumers to save money by securing better banking, electricity and internet service deals. Improved competition and data-driven innovation will support economic growth and create new high value jobs in Australia. High levels of privacy protection and robust information security will be a core feature of the system. Only accredited trusted service providers will be allowed access to data. The Government has provided funding of $45 million over four years to ensure that the Consumer Data Right will be backed by regulators with strong enforcement powers. Implementation of the Consumer Data Right will be informed by the findings of the Report of the independent Review into Open Banking in Australia. The Government has agreed to the recommendations of the Open Banking Review on the design of the Consumer Data Right and how it will be applied to banking, with a phased implementation from July 2019. The Government will consult publicly on the legislative design of the Consumer Data Right before it is introduced into Parliament. If you have any queries or comments regarding either the Consumer Data Right or the Open Banking Review, please contact Treasury at . funded
t286983_consumer-data-right-booklet.docx