The ACCC has formally made the Competition and Consumer (Consumer Data Right) Rules, which is a key development in progressing the Consumer Data Right in banking.

In addition to legally requiring the four major banks to share product reference data with accredited data recipients, the Rules also give legislative force to consumer data sharing obligations in banking that become mandatory from 1 July 2020.

Product reference data includes information such as interest rates, fees and charges, and eligibility criteria for banking products like credit cards and mortgages.

“Product reference data is vital for accredited data receiving businesses to provide comparison services and potentially offer better deals to consumers,” ACCC Commissioner Sarah Court said.

“Having the Consumer Data Right Rules in place means that from July this year, when consumers choose to direct their bank to share their data with another accredited data recipient, the banks must do so.

“The making of the Rules is a major milestone in delivering the Consumer Data Right in banking,” Ms Court said.

The Rules are set to come into effect on 6 February 2020.

The Rules have been made following the Treasurer providing his consent to do so on 4 February 2020.


The four major banks (ANZ, Westpac, Commonwealth Bank and NAB) started sharing product reference data from July 2019 on a voluntarily basis.

The Consumer Data Right will give consumers the right to safely access data about them, held by businesses, and direct this information be transferred to trusted third parties of their choice.

Consumer data relating to credit and debit cards, deposit accounts and transaction accounts must be made available from 1 July 2020.

Consumer data relating to mortgage and personal loan data must be able to be shared from 1 November 2020.

The ACCC has the lead role in the implementation of the consumer data right but will be working closely with the Data Standards Body (hosted by Data61) and the Australian Information Commissioner (OAIC).

The ACCC’s roles include rule-making, accreditation of data recipients, consumer education, enforcement and developing a secure register of authorised data recipients and data holders to facilitate the sharing of CDR data.