The Government has released its response to the September 2022 Statutory Review of the Consumer Data Right.

Speaking about the response, the Assistant Treasurer made the following points in a speech:

• Over the next two years the government’s focus will be on:
  • improving data quality and deepening participation in the existing sectors: banking and energy;
  • cyber security improvements across all CDR agencies to reflect the evolving data landscape; and
  • expanding awareness of CDR as a data‑sharing model that allows consumers to easily identify CDR‑enabled providers, products and services.
• The government will pause the expansion of CDR into Superannuation, Insurance, and Telecommunications.
• It will continue the implementation into non‑bank lending, but non‑bank lending will be the only expansion over the next two years.
• There is legislation before the Parliament to facilitate CDR action initiation.
• In the second half of 2023 the goverment will consult on policy options to regulate screen scraping, including the role of the CDR as a safer alternative.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.