The Australian government is in the process of implementing the Productivity Commission’s Data Availability and Use Report and the Treasury’s Review into Open Banking in Australia, with the introduction of Consumer Data Rights.
The Consumer Data Right will provide consumers with a new right to access certain data about them held by businesses in a readily usable form and in a timely manner. Customers will be able to direct businesses to transfer their data to a trusted third party of their choice. The Consumer Data Right will first be rolled out in the banking sector, and it is then expected to be rolled out to the energy and telecommunications sectors. The right will subsequently be applied economy-wide on a sector-by-sector basis.