Skip to main content
Financial Assistance Hub

New Consumer Data Right is a win for competition

1 August 2019

Today’s passage of the Consumer Data Right legislation charts the way forward for a more innovative and customer focussed banking industry that will deliver better deals for Australians.

CEO of the Australian Banking Association Anna Bligh said today’s passage of the Consumer Data Right legislation through the Parliament would create the legal foundation for Open Banking which will increase competition across the industry.

“Empowering customers with the ability to use their data to drive a better deal on banking products has the potential to dramatically increase competition and foster innovation across the industry,” Ms Bligh said.

“Passing this legislation for the Consumer Data Right provides the foundation for these reforms to be delivered.  

“By the end of August the industry expects the ACCC will issue the ‘lock-down’ version of the Rules governing the system.

“Following the passage of the legislation and the ACCC guidance on the rules, the industry, together with regulators, will begin rigorous testing to ensure the system is safe for Australian bank customers to use.

“The industry will continue to work with the government in the final stage of the introduction of Open Banking to deliver a system which both increases competition and ensures data is kept secure,” she said.  

ENDS

Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Transcript
Transcript: Simon Birmingham joint press conference with the Treasurer and industry leaders
1 April 2026

Jim Chalmers: Thanks for joining us. I’m here with the Small Business Minister, Anne Aly, Bran Black, the head of the BCA, Skye Cappuccio from COSBOA, Simon Birmingham, from the ABA as well. We’ve got a bit to run through today to give you a sense of the work that we are doing together. But… Read more »

Read more
Transcript
ABA CEO Simon Birmingham transcript of interview on Sky News with Laura Jayes
1 April 2026

E&OETV InterviewSky News Afternoon Agenda1 April 2026. Topics: hardship support from banks; RBA decision on surcharging and interchange. Laura Jayes: I want to bring it back to the situation we find ourselves in economically now. A lot of you are hurting. Petrol prices are pushing up really the cost of everything. Joining me now is… Read more »

Read more
Media Releases
Banks step up support in face of fuel supply uncertainty 
1 April 2026

Australian banks are stepping up to help customers struggling with loan repayments and higher cost of living challenges.   ABA CEO Simon Birmingham said banks stand ready with practical support measures to help customers and businesses get through this tough time. “Banks know many of their customers are making tough financial decisions right now as… Read more »

Read more