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 firstname.lastname@example.org 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.
You can submit responses to this consultation up until 23 March 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
PARKES ACT 2600