Borrow
Consumer data right rules now in place
The consumer data right rules have come into effect as of today, marking a milestone in the progress of Australia’s open banking regime.
Consumer data right rules now in place
The consumer data right rules have come into effect as of today, marking a milestone in the progress of Australia’s open banking regime.
The Australian Competition and Consumer Commission (ACCC) has noted that in addition to legally requiring all four of Australia’s major banks to share product reference data with accredited data recipients, the new rules also give legislative force to consumer data sharing obligations in banking that will become mandatory from 1 July 2020.
Interest rates, fees and charges and eligibility criteria for banking products that include credit cards and mortgages all fall into the category of “product reference data”.
This product reference data “is vital for accredited data-receiving businesses to provide comparison services and potentially offer better deals to consumers”, according to ACCC commissioner Sarah Court.
She explained how “having the consumer data right rules in place means that from July this year, when consumers choose to direct their bank to share their data with another accredited data recipient, the banks must do so”.
The making of the rules marks “a major milestone in delivering the consumer data right in banking”, Ms Court concluded.
This announcement comes after the consumer watchdog revealed that testing for the new open banking regime would not be completed by its original planned date of February.
The Consumer Data Right Bill was passed through Parliament in August last year.
RELATED ARTICLES
About the author
About the author
Banking
Open banking in action: An early adopter’s playbook—and the ROI case for Australian brokers
Open banking is shifting from conference buzzword to operational backbone in Australia’s broking sector. Early adopters are using bank-grade data and AI to compress underwriting cycles, cut compliance ...Read more
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
Banking
PayPal Open Debuts in Australia: A Unified Platform for Business Growth
Sydney, 14 October 2025 – In a significant move to bolster commerce capabilities for businesses across Australia, PayPal has officially launched its new merchant platform, PayPal OpenRead more
Banking
RBA holds interest rates steady at 3.6% amid strong labour market and inflation concerns
In a widely anticipated move, the Reserve Bank of Australia (RBA) announced that it would maintain the cash rate at 3.6%. The decision was unanimous, reflecting a cautious approach as the central bank ...Read more
Banking
Hardship is the new conduct frontier: A bank’s playbook for turning ASIC scrutiny into ROI
ASIC has put financial hardship on its 2025 enforcement radar, shifting lender performance from a customer service problem to a board-level conduct risk. This case study examines how an Australian ...Read more
Banking
RBA flags price uplift as Home Guarantee expansion accelerates: what it means for banks, builders and the bottom line
Australia’s expanded Home Guarantee Scheme (HGS) has been brought forward to 1 October, compressing a multi‑year policy shift into weeks. The RBA expects the changes to lift borrowing capacity and add ...Read more
Banking
Open banking in action: An early adopter’s playbook—and the ROI case for Australian brokers
Open banking is shifting from conference buzzword to operational backbone in Australia’s broking sector. Early adopters are using bank-grade data and AI to compress underwriting cycles, cut compliance ...Read more
Banking
Australian brokerage pedals ahead using consented data for a speedy advantage
Open banking is no longer a concept; it is an operating model shift changing how brokers originate and package credit. Australia’s early movers, backed by the Consumer Data Right (CDR) and a ...Read more
Banking
BOQ’s mortgage squeeze is a market signal: where banks will win next as competition bites
Bank of Queensland’s shrinking home-loan book is more than a single-institution story; it’s a barometer of how Australia’s mortgage market is being rewired by broker power, non-bank agility and ...Read more
Banking
RBA’s next move: Why a November cut could reset corporate risk budgets
Australia’s unemployment rate has risen to a four‑year high, sharpening the case for another Reserve Bank easing as growth moderates. With GDP expanding 0.6% in the June quarter and 1.8% year on year, ...Read more
Banking
PayPal Open Debuts in Australia: A Unified Platform for Business Growth
Sydney, 14 October 2025 – In a significant move to bolster commerce capabilities for businesses across Australia, PayPal has officially launched its new merchant platform, PayPal OpenRead more
Banking
RBA holds interest rates steady at 3.6% amid strong labour market and inflation concerns
In a widely anticipated move, the Reserve Bank of Australia (RBA) announced that it would maintain the cash rate at 3.6%. The decision was unanimous, reflecting a cautious approach as the central bank ...Read more
Banking
Hardship is the new conduct frontier: A bank’s playbook for turning ASIC scrutiny into ROI
ASIC has put financial hardship on its 2025 enforcement radar, shifting lender performance from a customer service problem to a board-level conduct risk. This case study examines how an Australian ...Read more
Banking
RBA flags price uplift as Home Guarantee expansion accelerates: what it means for banks, builders and the bottom line
Australia’s expanded Home Guarantee Scheme (HGS) has been brought forward to 1 October, compressing a multi‑year policy shift into weeks. The RBA expects the changes to lift borrowing capacity and add ...Read more
