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
The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers. ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose. “Australians now have access to a range of payment options and no matter how they… Read more »
Deloitte Access Economics has now determined its recommended regulated pricing model for Armaguard’s Cash-in-Transit services. The final independent pricing mechanism report has been provided to Armaguard as well as the major banks and major retailers. This is an important milestone in working to keep cash available around Australia, even while people are using less of… Read more »
E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »