The Australian Consumer Data Right is go

What's the issue?

The Consumer Data Right (CDR) is about mobilising consumer transaction data (not just consumer data) in the banking, energy and telecommunications sectors. It will allow service providers in this industry to provide this data to competitors at the request of consumers and businesses.

The CDR legislation, which passed the Australian parliament on 1 August 2019, is inspired, in part, by the General Data Protection Regulation's data mobility requirements introduced in the EU in 2018.

The banking sector is first off the blocks with energy and telco industries to follow.

The really interesting point to note about CDR data is that it captures more than just personal information. CDR data will capture customer data, customer name, contact details, account details, transaction data (including opening and closing balances and dates of transactions), and product data.