New measures introduced to increase CDR uptake and enhance cost-effectiveness
The Albanese government has announced new measures aimed at simplifying the Consumer Data Right (CDR) framework, making it easier for consumers to access and use their data.
The CDR is designed to allow consumers greater control over their data, giving them the ability to share it with authorised third parties for services such as personalised financial products or energy offers. The latest reforms focus on removing barriers within the CDR system, improving cost-effectiveness, and encouraging broader adoption.
The changes include a streamlined consent process that will allow consumers to provide multiple permissions with a single action. The bundled consent approach is expected to improve user experience and reduce the likelihood of consumers abandoning the process midway.
Additionally, the new rules aim to simplify data-sharing requirements for banks. Previously, the process for banks to request data from consumers was often seen as complicated and confusing, leading to consumer drop-off. By reducing this friction, the government hopes to make data sharing more efficient and accessible.
The reforms also support innovation in the energy sector, with an extension to a CDR-enabled energy product trial. The trial period will now span 24 months instead of 12 and will cover 2,000 customers, doubling the initial scope. The extension is intended to accommodate the complexities of energy contracts and gather more comprehensive data to assess the programme’s impact.
“The Albanese government is getting the CDR framework on a more sustainable footing,” said assistant treasurer and minister for financial services Stephen Jones (pictured above).
“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.”
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