Adoption Scale

Since the initial roll out of the CDR in the banking sector beginning in 2020, participation in the CDR has continued to increase. As at 27 June 2023, there were 113 active data holder brands in the banking sector and 3 active data holders in the energy sector. CDR coverage in the banking sector has reached 99.73%, as measured as a market share of household deposits covered by CDR data-sharing.

Technology Architecture

Data holders (including banks and energy providers) build technology architecture to enable CDR data sharing to comply with CDR legislation, rules and standards.
The Australian Competition and Consumer Commission (ACCC) delivers the enabling technology solutions for the CDR, including a Register and Accreditation Application Platform and a Participant Portal, and offer a range of free software tools for use by industry providers. The Consumer Data Standards define Register APIs used in the CDR ecosystem, providing a means for participants to use a safe and trusted network.

Operational Guidelines

The CDR website has published guidance for participants on CDR topics including accreditation, on-boarding, participant conformance approaches and more. The Office of the Australian Information Commissioner (OAIC) has also published guidelines on the CDR’s privacy safeguards. For further information, please visit: https://www.cdr.gov.au/resources/guides and https://www.oaic.gov.au/consumer-data-right/consumer-data-right-guidance-for-business

Governance Mechanism

The CDR was established under Part IVD of the Australian Competition and Consumer Act 2010. The CDR’s Rules and Standards prescribe how the CDR operates and how data is handled. The CDR Rules define the elements for consent, outline the accreditation framework and elaborate on the privacy aspects of the scheme. Guidance for participants in understanding the framework can be found on the CDR website: https://www.cdr.gov.au/resources/guides/consumer-data-right-legislation The Data Standards include standards about the format and process for transferring data. The data standards are available on the Consumer Data Standards website: https://consumerdatastandardsaustralia.github.io/standards/#introduction

There are a number of agencies in the CDR’s governance structure.

• The Treasury is responsible for setting the policy of the CDR, and preparing CDR Rules and enabling legislation that govern the CDR scheme. The Data Standards Body (outlined above) is part of Treasury.
• The ACCC is responsible for accrediting data recipients for the CDR, and maintaining the register of accredited persons and the related list of designated data holders, in accordance with legislation and the CDR rules. The ACCC also monitors the behaviour of regulated CDR participants and oversees compliance and enforcement.
• The OAIC enforces the privacy safeguards and privacy-related CDR Rules and provides advice to the Minister and CDR agencies on the privacy implications of the CDR Rules and data standards.

Use Cases

As at 1 March 2023, the Australian fintech industry estimated that there were 94 products and services using the CDR. Examples of CDR-enabled use cases include:

- Sherlok, which helps mortgage brokers refinance their clients’ home loans, saving consumers money.

- Greener to help consumers to shop environmentally sustainably.

- WeMoney to help consumers with financial management.

‘Accredited Data Recipients’ can be found on the CDR website: https://www.cdr.gov.au/find-a-provider

Additional Information

Additional information on the CDR can be found on the CDR website: https://www.cdr.gov.au/

The Productivity Commission first proposed the Consumer Data Right in their Data Availability and Use inquiry report.
- The report was published on 8 May 2017: https://www.pc.gov.au/inquiries/completed/data-access/report

The Government commissioned a Review into Open Banking in Australia to determine the most appropriate model for Australia to establish an Open Banking scheme.
- The report was published on 9 May 2018: https://treasury.gov.au/consultation/c2018-t247313

An independent Statutory Review of the CDR was held in 2022.
- The final report from the review was published on 29 September 2022: https://treasury.gov.au/publication/p2022-314513

- A Government response to the review was released on 7 June 2023: https://treasury.gov.au/publication/p2023-404730