Updated 3 July 2020: From last week, consumers will have the choice whether or not they have the choice to share their banking data with brokers, fintechs and other accredited businesses after the launch of the Consumer Data Right.

Customers will be able to access their credit and debit card deposit and transaction account data via bank-managed portals, with sharing authorised from 1 November 2020.

CSIRO's Data61 was appointed to perform the role of a Data Standards body for the Federal Government's Consumer Data Right in 2018 and has been involved in the development and delivery of the Consumer Data Right.

The Consumer Data Right (CDR) is a competition and consumer reform announced by the Australian Government in May 2018. The consumer data right will be implemented first in the banking sector and then in the energy and telecommunications sectors .

CDR gives Australians greater control over their data, providing customers and small businesses choice about how their data is shared with third parties, and sets standards for a whole industry about what data should be made available, safely. In doing so, CDR will encourage competition between service providers, leading to better prices for customers and more innovative products and services.

Consumer Data Standards logo

Data61 is advising on technical consumer data standards to give Australians greater control over their data.  © Consumer Data Standards

CSIRO has been appointed by the Treasurer as the Data Standards Body to support the delivery of the Consumer Data Right.

The Data Standards Body is responsible for assisting the Data Standards Chair, Andrew Stevens in the development of common technical standards to allow Australians to access data held about them by businesses and direct its safe transfer to others. The Data Standards Body draws on the expertise of CSIRO's Data61 team.

The Data Standards Body works closely with the Australian Competition and Consumer Commission (ACCC) as lead regulator of the Consumer Data Right, supported by the Office of the Australian Information Commissioner (OAIC).

The Treasury Laws Amendment (Consumer Data Right) Act 2019 was passed on 1 August 2019 and paves the way for consumers and small businesses to consent to securely share data with trusted third parties.

For more information, visit the Data Standards Body website.

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