The Treasury Laws Amendment (Consumer Data Right) Act
2019 was passed on 1 August 2019 and the first stage will come
into effect in February 2020. The legislation introduces data
portability in the form of a new "Consumer Data Right"
(CDR) by means of amendments to the
Competition and Consumer Act 2010 (CCA).
The CDR will give both individual and business consumers expanded
rights of access to data held about them by businesses. It will
also give such consumers access to data about products and enable
them to share such data with accredited third party recipients.
Background
The introduction of the CDR was recommended in March 2017 by the
Productivity Commission in its report entitled Data
Availability and Use and it was endorsed by the Federal
Government in its partial response to that report in November 2017.
Meanwhile, the then Treasurer commissioned a Review into Open
Banking in Australia 2017, which resulted in a recommendation
that "Open Banking"
