Terms of Reference

  1. The Inquiry will make recommendations to the Treasurer on options to:

1.1. Expand the functionality of the Consumer Data Right.

1.2 Ensure the Consumer Data Right promotes innovation in a manner that is inclusive of the needs of vulnerable consumers.

1.3 Leverage Consumer Data Right infrastructure (such as the Data Standards Body and accreditation regime) to support the development of broader productivity enhancing standards and a safe and efficient digital economy.

1.4  Leverage the developments of the Consumer Data Right with other countries that are developing similar regimes to enhance opportunities for Australian consumers, businesses and the Australian economy.

  1. The recommendations will include examination of:

2.1 How the Consumer Data Right could be expanded to include ‘write’ access to enable customers to apply for and manage products (including, for Open Banking, by initiating payments) through application programming interfaces.

2.2 Linkages and interoperability with existing and potential frameworks and infrastructures, including the New Payments Platform.

2.3 How the Consumer Data Right can be utilised to overcome behavioural and regulatory barriers to convenient and efficient switching between products and providers.

2.4  Similar regimes being developed in other countries and how Australia should be engaging with these countries to leverage the Consumer Data Right.

  1. The Inquiry will have regard to:

3.1 The Reserve Bank of Australia’s New Payments Platform: Conclusions Paper.

3.2  The ACCC’s home loan price inquiry, in particular its proposed examination of obstacles to home loan switching.

3.3 The Government’s response to the ACCC’s Digital Platforms Inquiry.

3.4 Best practice developments internationally and in other industry sectors.

3.5 Competition, fairness, innovation, efficiency, regulatory compliance costs and consumer protection.