Consumer Data Right Summary The Government will introduce a Consumer Data Right as part of its commitment to giving Australians greater control over their data. Australians will have greatly improved access to their own data in a usable form and be able to direct its secure transfer to trusted third parties. Australians will also have better access to data on key goods and services on offer to them. Both individual and business customers will be able to exercise the right in respect of data relating to them. The Consumer Data Right will commence in the banking sector (where it is called ‘Open Banking’), followed by the energy and telecommunication sectors. The right will then be rolled out economy-wide on a sector-by-sector basis. Data made available under Open Banking will be provided without charge. Improved consumer control over their own data will support the development of better and more convenient products and services, customised to individuals’ needs. Better price comparison services, which consider consumers’ actual usage, will help consumers to save money by securing better banking, electricity and internet service deals. Improved competition and data-driven innovation will support economic growth and create new high value jobs in Australia. High levels of privacy protection and robust information security will be a core feature of the system. Only accredited trusted service providers will be allowed access to data. The Government has provided funding of $45 million over four years to ensure that the Consumer Data Right will be backed by regulators with strong enforcement powers. Implementation of the Consumer Data Right will be informed by the findings of the Report of the independent Review into Open Banking in Australia. The Government has agreed to the recommendations of the Open Banking Review on the design of the Consumer Data Right and how it will be applied to banking, with a phased implementation from July 2019. The Government will consult publicly on the legislative design of the Consumer Data Right before it is introduced into Parliament. If you have any queries or comments regarding either the Consumer Data Right or the Open Banking Review, please contact Treasury at . funded
The ACCC will advise the Treasurer which sectors should be designated. The ACCC will have rule-making responsibilities setting out the required functionality of the right in each sector. In setting rules, the ACCC will consult with the OAIC, the public, and sector specific regulators. The ACCC will set accreditation criteria and processes for data recipients, and manage the accreditation register. The ACCC will certify technical Data Standards as meeting the requirements for the right. The ACCC will take enforcement action in relation to serious or systemic breaches of the Consumer Data Right in line with its enforcement policy. The OAIC will advise the Treasurer on the privacy impacts of designating a sector. The OAIC will advise the ACCC on privacy impacts of proposed rules. The OAIC will be involved in standards setting to ensure standards meet privacy protections. The OAIC will have primary responsibility for complaint handling. The OAIC will be the first port of call for consumer complaints. They will handle complaints from individuals and small to medium sized enterprises or direct them as applicable to the relevant external dispute resolution body, ACCC or other regulator. The Data Standards Body will set technical standards relating to transmission of data, data format and security of data. These standards may be tailored to the designated sector. The standards will be formed in consultation with working groups. This function will be performed by Data61 for three years, during which there will be a review of the arrangement. The Treasurer has overarching responsibility for the design and implementation of the overall Consumer Data Right framework. Once the Consumer Data Right is established, the Treasurer will have a direct role in designating new sectors, consenting to ACCC made rules and appointing the Chair of the Data Standards Body. The Treasurer will work in conjunction with the Attorney-General where the right may impact privacy policy. The Treasurer will consult with those Ministers who have portfolio responsibility for relevant sectors when carrying out the sector designation function or where rules may have significant policy impacts on a given sector. Sectoral assessments Sectoral assessment and designation