The Government has responded to the Review into Open Banking by agreeing to recommendations for a Consumer Data Right to give Australians greater control over their data, empowering them to choose to share their data with trusted recipients when they authorise it.
The Consumer Data Right will be implemented initially in the banking (Open Banking), energy, and telecommunications sectors, and then rolled out economy-wide on a sector-by-sector basis.
The Government will phase in its Open Banking regime with all major banks making data available on credit and debit card, deposit and transaction accounts by 1 July 2019 and mortgages by 1 February 2020. Data on all products recommended by the Review will be available by 1 July 2020. All remaining banks will be required to implement Open Banking with a 12-month delay on timelines compared to the major banks.
The Australian Competition and Consumer Commission (ACCC) will be the national regulator and will be empowered to adjust timeframes if necessary. The Treasury has produced a summary and a Consumer Data Right Booklet to assist consumers to understand proposed changes and their benefits.
For more, visit the Australian Government's Treasury site here.
