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Review into Open Banking in Australia – Final Report

Note: the ‘Consumer Data Right – Fact Sheet’ that was previously available on this page has now been superseded by the ‘Consumer Data Right Booklet’.

On 20 July 2017, the Hon Scott Morrison MP commissioned the Open Banking Review, chaired by Mr Scott Farrell who was asked to recommend the most appropriate model for Open Banking in Australia.  By giving customers greater access to and control over their banking data, Open Banking has the potential to transform the way in which customers use and benefit from the banking system.

The final report makes 50 recommendations, on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues.

While the Review has consulted extensively in forming its recommendations, the Government is seeking any further detailed comments on the recommendations before making final decisions on implementation.  Submissions should be lodged with data@treasury.gov.au by 23 March 2018.

Open Banking is the first implementation of the Consumer Data Right

On 26 November 2017, the Hon Angus Taylor MP, the then Assistant Minister for Cities and Digital Transformation, announced the development of a national Consumer Data Right (CDR). The Treasurer will be leading the development of the CDR, with the design of the broader CDR informed by the recommendations of the Open Banking Review. The announcement formed part of the Government’s response to the recommendations of the Productivity Commission’s Inquiry into Data Availability and Use. The CDR will give customers the right to access their data in a machine-readable form.

The Government has decided that the CDR will be implemented economy-wide on a sector-by-sector basis, initially in the banking, energy, and telecommunications sectors.  Open Banking – the CDR for banking data – will be the first sector in which the right will be established.

The Treasurer therefore seeks views on the proposed regulatory framework contained in the Report, as a model for the broader CDR.

Submissions