Treasury reviewing expanding CDR regime
Treasurer Josh Frydenberg has launched an inquiry into ways the in-development Consumer Data Right (CDR) can further support innovation and competition in the Australian economy.
The inquiry will examine matters such as how the current right can be expanded beyond its read access to include write access, to enable consumers to apply for and manage products.
For open banking, the first application for the CDR, this would include by initiating payments.
The inquiry will also examine matters such as how the CDR can be combined with other frameworks, such as the New Payments Platform, to enhance security, efficiency and the consumer experience.
It will also explore how the CDR can be used to overcome additional behavioural and regulatory barriers to allow consumers to conveniently and efficiently switch between products and providers.
The CDR will guarantee consumers access to data held on them by businesses, and grant the power to enable consumers to instruct that this data be shared with trusted third parties, such as price comparison providers.
The Treasury's review will be led by Scott Farrell, who undertook the review into open banking in Australia that led to the initial conception of the CDR.
Farrell plans to consult broadly with industry, consumer and privacy advocates, and other interested parties during the course of the review, which will report by September. An issues paper for the review will be published early this year.
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