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Following the reset to the CDR framework in August last year and the commencement of changes in November, Assistant Treasurer Stephen Jones has now announced that non-bank lending products now fall within the CDR system to “deliver a better deal for more Australians”.
After being determined as “poor execution” by the former government, the Albanese government aimed to improve the framework to reduce unnecessary costs and allow for high-value use cases.
Some of the changes implemented were streamlining the consent process for consumers and writing to the Data Standards Body to set out the government’s expectations that “future standards changes align with the government’s directions for CDR”.
Now, commencing from mid-2026, the expansion of CDR into non-bank lending will include:
- Non-bank lending products included in the CDR framework to promote competition.
- The removal of the requirement for data holders to share consumer/product data for niche products such as asset finance, consumer leases, reverse mortgages, margin loans, and foreign currency amounts.
- The reduction of the period of data held from seven years to two years in order to reduce the costs associated with maintaining and responding to historical data requests.
- Ensuring BNPL products are covered by data sharing obligations.
Minister Jones said: “These changes ensure the CDR targets priority use cases, such as consumer finance and lending, without imposing unnecessary costs and regulatory burden on smaller lenders.
“The CDR enables Australian households and businesses to access their data held by their bank or electricity retailer through innovative new products that allows them to make informed choices, switch providers, and more easily apply for products and services.
“By unlocking the value of a consumer’s data, the CDR has the potential to be a transformational piece of economic reform for Australian consumers, delivering more choice and access to the best possible deals on a range of financial products tailored to a consumer’s individual need.”
‘Game-changing benefits’ on the horizon
In response to what has been described as a “major milestone” for the CDR framework, COO of CDR solution provider Biza.io, Jessica Booth, said the inclusion of non-bank lenders into the CDR is expected to bring “game-changing benefits for both consumers and lenders”.
“Starting with the banking sector in 2021, the Consumer Data Right (CDR) has expanded to include the energy sector, and non-bank lenders (NBLs) will become the next industry to join the ecosystem,” Booth said.
“The purpose of the CDR is to provide consumers with a safe way of sharing their data, whether that be their bank (now non-bank lender) statements or energy consumption habits, to help better compare products and services, ultimately saving time and money.
“It’s been a long time coming, but we’re thrilled to see the government has bound NBLs into the CDR, setting an initial compliance deadline of 13 July 2026.
“Expanding CDR to non‑bank lending will allow consumers to share their non-bank lender data along with their bank data, allowing them to better compare and apply for loans for things like homes, renovations, renewable energy assets, and cars.”
Mark Jones, Bluestone CEO commented on the expansion: "Bluestone supports the Consumer Data Right (CDR) philosophy – customers should have the power to control their own information."
"As a lender entrusted with sensitive personal data from loan applicants, we follow banking best practices to ensure that information remains secure."
[RELATED: The government's CDR changes commence]
