How did the Consumer Data Right (CDR) and Open Banking (OB) come about?

Question

How did the Consumer Data Right (CDR) and Open Banking (OB) come about?

Answer

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 useable 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 26 November 2017, the Government announced that the CDR will be implemented as a measure for customers to harness their digital data, with its design to be informed by the report of the Open Banking Review.