Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 14 MAY 2018

Open Banking In Australia To Be Phased In From July 2019

Pinsent Masons
Explore more from Pinsent Masons

Major banks in Australia will be required to give accredited third parties access to data they hold on customers at those customers' request from July 2019 under a new 'open banking' system being introduced in the country.

AustraliaFinance and Banking
Claire Massie
Claire Massie

Originally published by Out-Law.com

The Australian government confirmed the plans in response to recommendations made following an independent review published earlier this year.

The new open banking regime, which is to be introduced in phases, will be implemented as part of a new 'consumer data right' that the Australian government committed to introduce in November last year.

The open banking reforms are being driven by a desire to encourage innovation and new third party services in the market, but the Australian government has promised that access to bank data will be restricted and subject to privacy and security safeguards.

"Customers will be able to use their new data rights to find better deals on their credit cards, mortgages and other banking products," Scott Morrison, Australia's treasurer, said. "Comparison services will be better able to assess the value and suitability of all available products, taking into account the individual

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Australia's Enhanced Substantial Holding Disclosure And Beneficial Ownership Disclosure Regime Comes Into Effect From 4 December

Australian financial markets face a fundamental shift in disclosure requirements from December 2026, as new rules expand substantial holding obligations beyond traditional voting interests to capture derivative positions and economic exposure. Market participants must now navigate complex calculations involving physically settleable derivatives, cash-settled instruments, and offsetting short positions—with no grandfathering for existing holdings.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

New Payment Models Face A Broader Licensing Regime

Australia's payment services landscape is undergoing a fundamental regulatory transformation with the introduction of new legislation that shifts focus from specific technologies to the functions and activities performed by payment service providers. The Treasury Laws Amendment Bill 2026 will replace the existing non-cash payment facility framework with a comprehensive licensing regime that distinguishes between payment products and payment services, potentially capturing previously unregulated payment
AustraliaFinance and Banking
McCabes
McCabes
Article

Australia's Updated Financial Innovation Strategy

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.
AustraliaFinance and Banking
K&L Gates
K&L Gates