The Murray, Harper, Coleman, and Finkel inquiries all recommended that Australia develop a right and standards for customers to access and transfer their information in a usable format. In addition, in May 2017, the Government received the Productivity Commission’s (PC) report on their Inquiry into Data Availability and Use. The report included a set of 41 recommendations, including for the creation of a new economy-wide Comprehensive Data Right.
In the 2017-18 Budget, the Treasurer announced that Open Banking will be introduced in Australia and commissioned an Open Banking Review to recommend the best approach to implement it.
On 20 July 2017, the Treasurer the Hon Scott Morrison MP commissioned the Review into Open Banking in Australia (the Review), chaired by Mr Scott Farrell, to recommend the most appropriate model for Open Banking in Australia. Since then, the Government has decided to legislate a Consumer Data Right to give Australians greater control over their data, empowering customers to choose to share their data with trusted recipients only for the purposes that they have authorised.
On 9 May 2018, the Government agreed to the recommendations of the Review, both for the framework of the overarching Consumer Data Right. The Right will be implemented initially in the banking (Open Banking), energy, and telecommunications sectors, and then rolled out economy-wide on a sector-by-sector basis.
The Treasury Laws Amendment (Consumer Data Right) Bill 2019 was passed on 1 Aug 2019 and amends the Competition and Consumer Act 2010, Australian Information Commissioner Act 2010 and Privacy Act 1988 to create the Consumer Data Right to provide individuals and businesses with a right to access specified data in relation to them held by businesses.
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