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 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 »
The ABA welcomes today’s release of draft industry designations and framework for scams code obligations for banks, telecommunication companies and digital platforms – reinforcing the importance of an ecosystem approach in the fight against scammers. ABA CEO Simon Birmingham said the draft materials were the next piece of the puzzle in ongoing efforts to drive… Read more »