22 July 2019
The announcement today by the Government of the introduction of legislation for the Consumer Data Right is an important step to making the Open Banking reforms a reality for Australian bank customers.
Open Banking will allow customers, at their request, to share their personal information with accredited institutions, including other banks, to allow them to find a better deal on their banking products. The Open Banking regime will begin next year for the four major banks, with other Australian banks to join the system following this.
Executive Director of Policy for the Australian Banking Association Christine Cupitt said the legislation was a critical step to ensure the reforms moved forward and ensured that the system was safe and secure for Australians to use when launched next year.
“Open Banking will be a win for customers, increasing competition and making it easier to get the best deal possible from their bank,” Ms Cupitt said.
“Giving customers greater access to their data will make it easier and simpler to shop around for a better deal on a credit card, followed by home loans and other banking products.
“Thorough testing of this regime is vitally important to the success of this reform and to ensure Australians trust and use it.
“Passing this legislation is an important step to setting up a safe and secure system,” she said.
ENDS
Contact:
Rory Grant 0475 741 007
Latest news
Banks stand ready to support customers in north and north-west Queensland currently experiencing heavy rainfall and flooding. ABA CEO Simon Birmingham said customers didn’t have to tough it out on their own with banks on standby to assist communities get through this challenging time. “Banks recognise the significant financial and emotional toll an extreme weather… Read more »
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »