These changes aim to broaden the Consumer Data Right (CDR) to include the non-bank lending sector while narrowing the scope of CDR data for the banking sector.
The proposed amendments follow feedback from a previous consultation focused on extending the CDR framework to non-bank lenders. The Treasury now seeks further input to refine the rules and address concerns raised in earlier discussions.
Interested parties can submit responses to this consultation until 24 December 2024. Submissions may be lodged electronically or by post, although electronic submissions are preferred for efficiency. Responses sent via email should ideally be in Word or RTF format for accessibility purposes, with an additional PDF version as a supplementary file.
All submissions, including contributors' names and addresses, will be published on the Treasury website unless a request for confidentiality is explicitly made. To ensure confidentiality, such requests should be clearly marked and submitted in a separate attachment. Automatic confidentiality disclaimers in emails will not suffice. However, legal obligations under the Freedom of Information Act 1982 may still impact confidentiality.
This consultation provides an opportunity for stakeholders to influence the scope and implementation of CDR in both the banking and non-bank lending sectors. The Treasury is encouraging broad participation from industry players, consumer advocates, and the general public to ensure a well-rounded review of the proposed changes.
The CDR framework is a key initiative to empower consumers with greater control over their data, fostering competition and innovation across sectors. Expanding its reach to non-bank lenders represents a significant step in broadening the benefits of the CDR, while refining banking data scope aligns with ongoing efforts to balance accessibility with privacy considerations.
Those interested in participating or finding more details about the consultation process should visit the Treasury’s official website.
In August 2024, the Australian Government initiated a significant revision of the Consumer Data Right programme, citing high implementation costs as a key barrier to its widespread adoption. In July 2024, the Australian Banking Association released the outcomes of a strategic review conducted by Accenture on the implementation of Australia’s Consumer Data Right (CDR) framework.
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