After approval in the Senate on 1 August 2019, the
Consumer Data Right (CDR) Bill has been passed in both houses of
parliament. Based on consumer choice in the context of data, the
CDR has, at its heart, an increase in competition flowing from a
person's right to control their data.
The 'Big Four' banks have already voluntarily
implemented the CDR in relation to certain product data available
on credit and debit card, deposit and transaction accounts, and
must provide access to data related to mortgage accounts by 1
February 2020. The CDR will also be implemented in the energy and
telecommunications sectors, followed by other sectors that are yet
to be determined.
The CDR is not just relevant to businesses in the sectors noted
above, however – all businesses that collect and handle
consumer data should familiarise themselves with key aspects of the
CDR.
