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Treasury Laws Amendment (Consumer Data Right) 2018 Bill

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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 Right will be implemented initially in the banking (Open Banking), energy, and telecommunications sectors, and then rolled out economy-wide on a sector-by-sector basis.

The Government has provided a draft of the Treasury Laws Amendment (Consumer Data Right) Bill 2018 and accompanying explanatory materials, which will be introduced to Parliament to implement this measure.  This draft has been provided to inform the community of the contents of the Bill prior to its introduction.

The Government has previously consulted on the Treasury Laws Amendment (Consumer Data Right) Bill 2018 between 15 August 2018 and 7 September 2018, and again between 24 September 2018 and 12 October 2018.

The Treasury Laws Amendment (Consumer Data Right) Bill 2018 will primarily amend the Competition and Consumer Act 2010 but will also consequentially amend the Privacy Act 1988 and the Australian Information Commissioner Act 2010.

The ACCC has previously consulted on the Rules Framework for the Consumer Data Right between 12 September 2018 and 12 October 2018, and Data61 has consulted on draft standards between 2 November 2018 and 23 November 2018. A rules decision paper and a further draft of the standards will be published shortly.