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
ABA CEO Simon Birmingham transcript of interview on ABC Illawarra with Melinda James on money mules
22 July 2026

E&OERadio InterviewABC Illawarra22 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering; Scam prevention efforts by banks Melinda James: Well, this is a big and growing problem. There were 13,000 bank accounts shut down by the four major Australian banks in the financial year 2023–24. So, how big a problem… Read more »

Read more
Speech
ABA opening statement to the Senate Economics Legislation Committee: Cash Distribution Framework Bill 2026
21 July 2026

Thank you for the opportunity to appear alongside our friends and colleagues at COBA today.   The Cash Distribution Framework Bills are a critical step to provide security to the long-term availability of cash in Australia.   Our written submission sets out our position in detail. Today I will focus on a few key points.  The banking industry is committed to ensuring that Australians who… Read more »

Read more
Transcript
ABA CEO Simon Birmingham transcript of interview on 2SM with Tim Webster on the buying and selling of bank accounts
21 July 2026

E&OERadio Interview2SM Sydney21 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering Tim Webster: Look, we spoke to Peter Price from Crime Stoppers, the boss at Crime Stoppers, about this banking mules. I mean, this ridiculous situation where the young ones are coerced into being, you know, money mules and… Read more »

Read more