On 15 August, the Government released the exposure draft of the Treasury Laws Amendment (Consumer Data Right) Bill 2018(Cth) and Exposure Draft Explanatory Materials.

According to the explanatory materials, the Consumer Data Right (CDR) will provide individuals and businesses with a right to efficiently and conveniently access specified data in relation to them held by businesses, and to authorise secure access to this data by trusted and accredited third parties.  The CDR will also require businesses to provide public access to information on specified products they have on offer.

The Treasurer, the Hon Scott Morrison, stated that the CDR will arm Australians with the right information they need to seek better deals on banking products and loans, with further sectors such as energy and telecommunications services to be added over time.

Submissions are due by 7 September.