Consultation on Open Banking designation instrument (second round)

This consultation process has now been completed.
Consultation Type
Exposure Draft

Key Documents

On 9 May 2018 the Government committed to implement the Consumer Data Right in line with the recommendations of the Review into Open Banking in Australia. The Consumer Data Right will give Australians greater control over their data, empowering customers to choose to share their data with trusted recipients only for the purposes that they have authorised.

The Government has today released for public consultation the second version of a draft Designation Instrument for the application of the Consumer Data Right to the banking sector (Open Banking). The first stage of consultation on the draft Open Banking Designation Instrument was held from 23 September 2018 to 12 October 2018.

The second stage of consultation responds to concerns raised in the first stage of consultation regarding the scope of information about the use of a product by carving out information about the use of a product that meets the test of having been materially enhanced.

This carve out intends to provide guidance for future rule and standard making. The data sets which are currently in the draft rules and standards do not meet the test of having been materially enhanced.

The concept of materially enhanced information refers to data which is the result of the application of insight, analysis or transformation of data to significantly enhance its useability and value in comparison to its source material. The intention is that information whose value has been largely generated by the actions of the data holder will be carved out by the 'materially enhanced' test. Data holders may not be required to disclose materially enhanced data under the CDR, but nonetheless may be authorised to disclose it through the CDR if they so wish.

The Designation Instrument includes an example list of banking data sets that are not materially enhanced, while the explanatory statement includes an example list of data sets that are materially enhanced. Treasury is specifically seeking examples to add to each of these lists. If you believe additional data sets should be included in these lists, please specify in your submission what you would like to see included.

The consultation period closes on 12 July 2019. Responses to this consultation will inform Regulation Impact Statement and Privacy Impact Assessment processes.


No submissions are currently available.