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Introduction of Consumer Data Rights in Australia from 1 July 2020

30.06.2020

The Australian Government announced the introduction of Consumer Data Rights (CDR) in November 2017. From 1 July 2020, major banks will be required to make available to accredited persons consumer data relating to credit and debit cards, deposit accounts and transaction accounts. According to the Australian government, the CDR will give consumers greater access to and control over their data. They state it will encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services. The Government determined that the CDR will first apply to the banking sector, followed by the energy sector. The telecommunications sector is currently proposed to follow.

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