fbpx
Skip to main content
New 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
Anna Bligh Interview with ABC Radio Brisbane, discussing future of cash and Digital ID
3 April 2024

Steve Austin  Well as you know, the Commonwealth Government has made it clear they consider access to cash a priority for the Australian economy and the country’s largest banks, as well as Coles, Woolworths, companies like Wesfarmers and Australia Post have been trying to put together a short term lifeline for Armaguard, who’s the company… Read more »

Read more
Transcript
Anna Bligh interview on Sunrise about the future of cash
3 April 2024

Natalie Barr  And to the cash emergency hitting our country. Emergency talks are being held this week, with our top banks preparing for a potential cash crash. It comes as Australia’s key money supplier Armaguard fights to stay afloat. Spearheaded by the Australian Banking Association, the banks are now pulling together a contingency plan to… Read more »

Read more
Media Releases
ABA statement on financial support for Linfox Armaguard
2 April 2024

The Australian Banking Association acknowledges Linfox Armaguard (LFA)’s statement that they won’t be taking up the offer of financial support from a collective of banks, retailers and supermarkets.    We welcome Armaguard’s commitment that they will continue to operate and have secured funds from their parent company to maintain their full suite of services.   Australia’s largest… Read more »

Read more