Australia: Final Report of Sectoral Assessment on Consumer Data Right applications in Open Finance

On 19 August 2022, the Australian Treasury concluded its sectoral assessment of Consumer Data Right to Open Finance (e.g. non-bank lenders) and subsequently published its final report. The final report, after considering internal feedback as well as public opinion, officially recommends designating non-bank lenders to the Consumer Data Right (CDR). The Treasury considers CDR as an innovative instrument that would empower consumers to utilize data that is already stored about them for their use and benefit institutions beyond traditional banks. The data that will fall under CDR is already available data on non-bank lending products and their use as well as personal data of consumers (through consent). The Treasury noted that the recommendations would support the competitiveness of the market, empower the consumer to make more informed decisions, and promote more data-driven innovation.