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In January 2022, Treasury released a report on the outcomes of the Strategic Assessment of the Consumer Data Right (CDR). The report includes progress on the CDR so far and insights from the consultation process that has informed the program of work moving forward. 

Find a quick summary below and access our submission to the Strategic Assessment here

Introduction of Open Finance

Through this consultation, ‘Open Finance’ has been identified as the next priority area to grow the CDR. Open Finance will bring into the CDR targeted datasets from:

  • General insurance
  • Superannuation
  • Merchant acquiring 
  • Non-bank lending service providers

It is expected that the above datasets will build on the growing momentum of Open Banking by encouraging rapid product development, giving consumers access to better deals and a more complete view of their finances with greater all round control, including savings, loans, assets and financial planning.

Targeted consultation will be undertaken to support the assessment and designation of datasets for Open Finance with the first phase of assessments and designations expected across 2022.

Telecommunications Designated

The telecommunications sector has officially been designated with the publication of a detailed sectoral assessment in November 2021. Work will now begin on developing telecommunications specific rules and standards. 

Expanding CDR to Government Datasets

The consultation also identified that expanding the CDR to complementary government-held datasets could significantly enhance the user experience and utility of CDR. This would mean the inclusion of government agencies as both data holders and accredited data recipients. The benefits of this approach include the potential to improve private sector goods and services, support improved Government service delivery, and support Australians and Australian businesses across all facets of their lives and operations.

DSPANZ supports the Government’s more agile approach to the CDR moving forward, that being the prioritisation of a smaller mix of targeted datasets rather than expanding one sector at a time. We will continue to be involved in consultations on the CDR moving forward and maintaining representation of member’s interests.

Read the full report here.


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