Considerable work has gone into setting up Consumer Data Right. The Government has created and implemented the policy settings and regulatory framework, as well as the data standards.
Providers have been setting up their systems to meet the high standards demanded by Consumer Data Right. They’ve also been focusing on the technical needs, making sure their websites and apps are ready to go. If you’re a provider interested in offering services under Consumer Data Right or you need to register as a data holder, visit our For providers section.
The Consumer Data Right is designed to be an economy-wide right. Rolling out across banking first, it will next expand to the energy sector and then telecommunications. A new sector will be assessed and designated every year.
Consumer data-sharing commences for customer data held by the Australian Energy Market Operator, AGL Energy Group, Origin Energy Group and Energy Australia Group.
Product reference data-sharing commences for the energy sector.
Customers of the non-major banks can now share information on overdrafts and business finance (Phase 3 data).
Customers of the non-major banks can share their banking data from home loans and personal loans.
Version 3 Rules registered. These Rules include changes to accelerate the benefits of the CDR for consumers by reducing barriers to participate in open banking and by allowing more Australians to leverage their data in common banking scenarios.
Customers of non-major banks can share banking data from a range of personal accounts, for example, savings and credit card accounts (Phase 1 data). A list of Data Holders (providers set up to share data using Consumer Data Right) is available.
The $1.2 billion Digital Economy Strategy, launched as part of the 2021-22 Federal Budget, outlines the policies and actions the Government is taking to grow Australia’s future as a modern and leading digital economy by 2030, and includes an additional $111.3 million to accelerate the rollout of the CDR.
Customers of the four major banks can now share all of their banking data, including information on overdrafts and business finance (Phase 3 data).
Customers of the four major banks can share their banking data from home loans and personal loans. Joint accounts, closed accounts, direct debits, scheduled payments and payees will also be available.
Consumer Data Right launches.
Customers of the four major banks can share their banking data from a range of personal accounts (for example, savings accounts and term deposits).
Australia’s four major banks made product reference data for mortgages and personal loans publicly available. Only businesses, such as comparison sites, can access product reference data. Product reference data provides information about the features and descriptions of bank products, including interest rates, fees and charges, and eligibility criteria.
Australia’s four major banks (Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation) made their product reference data for their standard products publicly available. This is standardised, general information such as interest rates, fees and charges.
The ACCC has published two rectification schedules listing:
- data holders that are not active for data sharing on the CDR Register, and
- data holders that are active on the CDR Register but have self-reported potential gaps in their consumer data sharing systems.
The ACCC is actively pursuing data holder rectification of these issues and will update the rectification schedules periodically.