Introduction
The Consumer Data Right (CDR) is a step closer
to implementation following the introduction of the Treasury
Laws Amendment (Consumer Data Right) Bill 2019
(Bill) to the House of Representatives on 24 July
2019. This follows the introduction of an almost identical Bill in
February 2019, the passage of which was frustrated by the
dissolution of Parliament leading up to the May 2019 election.
Three of the four major Australian banks are already voluntarily
sharing basic product data by way of an application programming
interface. As the CDR is implemented, this will expand to the
sharing of customer data and will be required by all authorised
deposit-taking institutions.
