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Consumer Data Right


On 20 July 2017, the Treasurer the Hon Scott Morrison MP commissioned the Review into Open Banking in Australia (the Review), chaired by Mr Scott Farrell, to recommend the most appropriate model for Open Banking in Australia.

Since then, the Government has decided to legislate a Consumer Data Right to 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 Treasurer will be leading the development of the Consumer Data Right, with the design of the broader Right informed by the recommendations of the Review.

Before making final decisions on implementation, the Government released the Report of the Review into Open Banking in Australia on 9 February 2018 for public comment on the Review’s recommendations. The Government received and considered detailed comments from 74 submissions, 67 of which were publicly released and are now available on the Treasury website.

Government Response to Review into Open Banking

On 9 May 2018, the Government agreed to the recommendations of the Review, both for the framework of the overarching Consumer Data Right and for the application of the right to Open Banking, with a phased implementation from July 2019. The Government will phase in Open Banking with all major banks making data available on credit and debit card, deposit and transaction accounts by 1 July 2019 and mortgages by 1 February 2020. Data on all products recommended by the Review will be available by 1 July 2020. All remaining banks will be required to implement Open Banking with a 12-month delay on timelines compared to the major banks. The Australian Competition and Consumer Commission (ACCC) will be empowered to adjust timeframes if necessary.

The Treasury will be consulting on draft legislation, the ACCC will be consulting on draft rules, and Data61 will be consulting on technical standards over the coming months.

For further queries or comments on either the Consumer Data Right or Open Banking, please contact

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