Australia: Introduced Treasury Laws Amendment (Consumer Data Right) Bill 2022

On 30 November 2022, the Treasury Laws Amendment (Consumer Data Right) Bill 2022 was introduced in the Australian Parliament. The Bill amends the Competition and Consumer Act 2010, which contains the so-called Consumer Data Right (CDR) data-sharing framework that enables consumers in certain sectors, such as banking and energy, to share their data with certain accredited third parties. The Bill seeks to extend this framework by enabling action initiation, which would allow consumers to instruct authorised persons to authoritse certain actions to be carried out on their behalf, such as updating details, opening and closing accounts, and switching providers. Further, the Bill would also update the applicability of the Australian Privacy Principles to CDR data to be further in line with the new action initiation framework.