On 23 December 2020, the Minister for Superannuation, Financial Services and the Digital Economy, Senator the Hon Jane Hume, announced the release of the report of the Inquiry into Future Directions for the Consumer Data Right (the Inquiry). The Inquiry was led by Mr Scott Farrell. The Inquiry released its Issues Paper in March 2020 inviting submissions, and consulted with a wide range of interested parties.
The report provides options to expand and enhance the functionality of the Consumer Data Right and makes 100 recommendations. Key options include expanding the Consumer Data Right framework to enable accredited third parties, with a consumer’s consent, to apply for and manage products on the consumer’s behalf (known as action initiation). The report recommends that action initiation first apply in the banking sector and include the initiation of payments. Other recommendations focus on growth and expansion of participation and services in the Consumer Data Right ecosystem, consumer safeguards and opportunities for connecting the Consumer Data Right to the broader data economy both domestically and internationally, promoting consistency and interoperability.
The Government will engage with interested parties as it considers the Report’s recommendations.