On 26 November 2017, the Australian Government announced the introduction of a consumer data right in Australia. The consumer data right will improve consumers’ ability to compare and switch between products and services. It will also encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services.
The government has determined that the consumer data right will first apply to the banking sector, under a framework that will be known as Open Banking. The energy and telecommunications sectors are proposed to follow. Under Open Banking, consumers will be able to access and safely transfer their banking data to trusted parties. Open Banking will be introduced in phases, with spending information, including deposit and credit account transactions, and basic product information to be available from 1 July 2019.
As the lead regulator, the ACCC will be given a number of new roles in relation to the consumer data right. We will be supported by the Office of the Australian Information Commissioner (OAIC) and the Data Standards Body as we develop the regulatory framework. We will work closely with these organisations and also consult publicly with all stakeholders who have an interest in the consumer data right.