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.