Following the Treasurer’s consent, the Competition and Consumer (Consumer Data Right) Rules 2020 (the Rules) commenced on 6 February 2020. This is a key development in progressing the Consumer Data Right (CDR).
The Rules set the foundational framework for how the CDR operates in the banking sector. Under the Rules, the four major banks are required to share product reference data in a standardised format, facilitating better product comparisons.
The 2020 supply demand outlook in the east coast gas market has improved and LNG netback prices have decreased, but domestic prices remain high and there is significant uncertainty about future supplies, according to the Gas Inquiry 2017-25 Interim Report released by the ACCC today.
The report found that the supply outlook for 2020 has improved slightly since July 2019 but beyond 2020 there is significant uncertainty about whether future demand can be met.
ACCC Chair Rod Sims addresses the 2019 AFR National Energy Summit about Australia’s electricity and gas affordability.