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The long-awaited CDR changes have been a government promise for some time now. Back in August, it was announced by Assistant Treasurer Stephen Jones that “poor execution” forced the government to reset its framework.
The changes made are all in the hopes of making the sharing of data simpler for consumers, allowing banks to operate more efficiently.
“The CDR has the potential to be a transformational piece of economic reform, giving consumers the right to unlock the value of their data,” said Jones.
“The Government is removing friction within the CDR to improve cost effectiveness by amending the CDR rules to make consent and operational enhancements.”
The key changes announced by the Treasury commenced on 12 November and will:
- Simplify the consent process and streamline requirements for providers. By allowing consents to be bundled, consumers would be able to provide multiple consents through one single action. This will improve the consumer experience and increase uptake.
- Remove barriers for banks by simplifying requirements that apply when an accredited bank seeks data from a consumer. The previous process was complex and confusing for consumers, often resulting in them dropping out.
- Support innovation by extending a trial of CDR‑enabled energy products to 24 months (up from 12 months) and 2,000 customers (up from 1,000). The expansion will ensure the trial period supports the unique nature of energy contracts.
Jones said: “The Albanese Government is getting the CDR framework on a more sustainable footing. The Government is working with stakeholders to ensure we introduce changes that represent value‑for‑money.
“Treasury will undertake further consultation with stakeholders on proposed amendments to improve business consumer participation in the CDR.”
Related: The government is resetting CDR
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