The Consumer Data Right (CDR) provides ‘CDR consumers’ (both individuals and businesses) with a right to access, and direct data holders to provide to accredited third parties (‘accredited data recipients’ or ADRs), information held about that consumer by a data holder. The CDR regime, through the implementation of stringent rules and standards, is intended to ensure that this information is accessed in a safe, effective and efficient manner, and can be transferred, as directed by CDR consumers, to ADRs. The CDR regime aims to give CDR consumers control over certain data held about that person, recognising the value and utility of data as an asset which has previously been accessible only by organisations that collect CDR consumers’ data. One of the key policy drivers for the CDR regime is to provide a framework which encourages competition between service providers. The CDR regime promotes the creation of innovative and improved ancillary services and applications developed through the use and exploitation of new or different data sets accessible by ADRs under the CDR regime. Decoupling services and data will enhance CDR consumer convenience as unbundled data can be more easily shared between companies to facilitate transactions or customer portability. The CDR will also promote the development of niche service offerings and accelerate digitisation on a broader scale. The CDR framework is created through legislation that establishes the basic principles and structures of the regime (through an amendment to the Competition and Consumer Act 2019 (Cth)), rules developed by the ACCC that can adapt to changes in the digital economy (Rules), standards developed by the Data Standards Body and Data61 (Standards), and Privacy Safeguards. These four regulatory elements are currently in the process of being implemented in Australia. ‘Open Banking’ (OB) is the term used to describe the first application of the CDR regime in the banking sector. Under ‘Open Banking’, ‘read access’ will be granted to ADRs as directed by CDR consumers. ‘Write access’ may be included in the future.