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

On 15 April 2022, the Australian Treasury closed the consultation on the topic of extending the Consumer Data Right to Open Finance (e.g. non-bank lenders). The consultation was opened on 15 March 2022. This consultation will support the Treasury's sectoral assessment of Consumer Data rights in new areas of finance in the form of a Final Report. Some questions that were considered by stakeholders are whether and how the extension of the consumer data right to non-bank lenders would support consumer choice as well as the competitiveness of the market. Stakeholders elaborated on the differences between banks and non-bank lenders' data and provided comments regarding the differences between the private and public datasets. Another aspect worthy of consideration was whether the benefit derived for the consumer and non-bank lenders outweighs the privacy considerations and risks associated with additional data sharing. Finally, stakeholders were invited to share their view on regulatory approaches if consumer data right is to be expanded to other commercial entities.