The Review into Open Banking in Australia has concluded.
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.
In the 2017-18 Budget the Government announced it will introduce an open banking regime in Australia. The Government has commissioned an independent review to recommend the best approach to implement the open banking regime in Australia. The review is to report by the end of 2017.
On 20 July 2017, the Treasurer the Hon Scott Morrison MP announced the appointment of Mr Scott Farrell as the independent expert to lead the review.
Mr Farrell will be supported on the review by a secretariat located within the Treasury and will draw upon technical expertise from the private sector as required. The review will consult broadly with representatives from the banking, consumer advocacy and FinTech sectors and other interested parties in developing the report and recommendations.
On 20 July 2017, the Treasurer also announced the terms of reference for the review.