Australia: Consultation opened on Consumer Data Right applications in Open Finance

On 15 March 2022, the Australian Treasury opened a public consultation on extending the Consumer Data Right to Open Finance. The consultation will support the Treasury's sectoral assessment of Consumer Data Right in new areas of finance in the form of a Final Report. Some questions to be considered by stakeholders are whether and how the extension of the consumer data right to non-bank lenders would support consumer choice and competitiveness in the market. Additionally, it should be considered how data should be handled if non-bank lenders are designated. Stakeholders must elaborate on the differences between banks and non-bank lenders' data and provide comments regarding the differences between the private and public datasets. Another aspect that stakeholders have to consider is whether the benefit derived for the consumer and non-bank lenders outweigh the privacy considerations and risks associated with additional data sharing. Finally, stakeholders are invited to share their views on regulatory approaches if consumer data rights are to be expanded to other commercial entities.