9. Question No. 9—Commerce and Consumer AffairsCAMERON BREWER (National—Upper Harbour) to the Minister of Commerce and Consumer AffairsQuestion No. 9—Commerce and Consumer Affairs9. CAMERON BREWER (National—Upper Harbour) to the Minister of Commerce and Consumer Affairs: What steps has the Government taken to encourage greater competition through the introduction of the Customer and Product Data Bill?Hon ANDREW BAYLY (Minister of Commerce and Consumer Affairs): I thank the member for the question. In short the introduction of this bill allows for controlled and secure access to data creating a pathway for greater competition in the banking and electricity sectors. This bill lays the foundation for open banking and open electricity which will make it easier for innovative start-ups to compete with established companies. Choice and competition are good things as they ultimately lead to lower prices.Cameron Brewer: What are some examples of how this bill will benefit New Zealanders?Hon ANDREW BAYLY: There are many innovative products that are available overseas which cannot operate in New Zealand without consumer data rights. A recent report highlighted that there are as many as 300 companies waiting to do business in New Zealand. One specific example I know of: Australian customers of major banks can get a new home mortgage online within 10 minutes; meanwhile Kiwi customers of the same banks still have to go through that lengthy manual process to get a loan.Hon Dr Duncan Webb: Given that the Minister's Contracts of Insurance Bill picked up a Labour member's bill and that this consumer data rights bill picked up Arena Williams' member's bill are there any other Labour members' bills the Minister is intending to pick up?Hon ANDREW BAYLY: I think it's a far cry to say that this bill picks up Arena Williams' bill. I do acknowledge that this bill had its genesis under the previous Parliament but I've got to say that the industry were just at pains to say to me Why the hell did it take so long to get this bill in the House?" They're so happy that this coalition Government has done it within six months and they couldn't believe the previous Government.Cameron Brewer: How does the Minister intend to make sure the transfer of data is safe and secure?Hon ANDREW BAYLY: It's natural for people to be concerned about their personal data and how it's shared but Kiwis should be and can be assured that allowing access to your data is voluntary and those using your data must be accredited. Any data can only be shared with the permission of the consumer and failure to comply with these security measures will be subject to heavy penalties.Cameron Brewer: What sectors will the Minister be introducing the framework to?Hon ANDREW BAYLY: The bill will first apply to the banking sector followed by the electricity sector. These are two areas right now where New Zealanders are hurting with high costs. In time we will look to apply the bill to the telecommunications sector. New Zealand is lagging behind the rest of the world. There are significant opportunities for encouraging competition which will ultimately benefit all New Zealanders by lowering cost and creating more choice."