Customer Data Right & Review into Open Banking in Australia
The Prime Minister & Cabinet Data Availability & Use Taskforce has completed its review of the PC Final Report, with its recommendations handed to the Government at the end of November 2017. The Government has not yet released its formal response to the recommendations in the PC Final Report. However, the announcement on 28 November 2018 of a Consumer Data Right by Hon Angus Taylor, the then Minister Assisting the Prime Minister for Digital Transformation, forms part of the Government’s response to the PC Final Report.
The Government has decided that the Customer Data Right (CD-R) will be implemented economy-wide on a sector-by-sector basis, initially in the banking, energy, and telecommunications sectors. The Treasury is leading the development of the CDR, with its design and implementation informed by the recommendations of the Open Banking Review.
DGA has provided a response to the recommendations of the Final report into the Review of Banking in Australia as part of the Treasury’s consultation process.
DGA is scheduled to meet with the Treasury Data Team on 10 April 2018 at 10 AM to discuss its submission in response to the recommendations of Review into Open Banking in Australia Final Report, as well as DGA’s work, purpose and its Code of Practice.
DGA will continue to engage with the Treasury in relation to the development and implementation of the CDR on advice from the DGA Board.
Next steps: DGA continues to proactively engage with the OAIC and the ACCC in relation to the development and implementation of the CDR, especially in light of the Research into Consumer Attitudes Towards Privacy due to be published on 18 April 2018 by DGA.