On 24 January 2022, Treasury released a report on outcomes from the Consumer Data Right (CDR) Strategic Assessment, identifying ‘Open Finance’ as the next priority area to expand the CDR. Open Finance will bring targeted datasets from across general insurance, superannuation, merchant acquiring and non-bank lending service providers into the CDR. Introducing data from these sectors will build on the momentum of Open Banking with consumers benefitting from greater control over every part of their financial lives, including their savings, loans, assets, superannuation, and financial planning. The Government will also consider where complementary government-held datasets can be brought into the CDR ecosystem to support Open Finance.
Announced in the 2021-22 Budget, the Strategic Assessment was a rapid high-level assessment of sectors and datasets to inform the next phase of the economy-wide roll-out of the CDR. Following extensive engagement with data holders, potential ADRs, consumer groups and regulators, the Strategic Assessment found significant support for Open Finance as the next priority area to grow the CDR.
On 24 January 2022, the Government announced the designation of Telecommunications in the CDR and ‘Open Finance’ as the next priority area to expand the CDR.