How will the Consumer Data Right (CDR) be regulated?
As announced on 26 November 2017, by the Hon Angus Taylor MP, the then Assistant Minister for Cities and Digital Transformation, the CDR is intended as an economy-wide right, to be applied sector-by-sector on the designation of the Treasurer. The Treasurer will be leading the development of the CDR, with the design of the broader CDR informed by the Government’s response to the recommendations of the Open Banking Review.
As part of its response to the Productivity Commission’s Inquiry into Data Availability and Use the Government has committed to a dual-regulator model, involving the Australian Competition and Consumer Commission (ACCC) as the lead regulator, with strong support from the Office of the Australian Information Commissioner (OAIC).
The ACCC will seek to promote competition and customer focused outcomes within the system, while the OAIC will aim to ensure that strong privacy protections are a fundamental design feature of the CDR. To set technical standards for the CDR, the Government will engage in a process of close collaboration with designated sectors, the technology community, and consumer and privacy advocates.