Over the past year, there have been some significant changes to the way consumers have ownership over their data. In Feb 2019, the Australian Competition and Consumer Commission (ACCC) introduced the Consumer Data Rights bill (CDR).

Up until now, consumers in Australia have had limited rights to access their data held by businesses. Very often, the requests to access data are rejected by businesses as there is no legal obligation to share it. The CDR allows individuals to own their data, and grants open access to their banking, energy, phone, and internet transactions. The CDR will enable individuals to control who can have access to their data and who can use it.

According to the ACCC, “It will improve consumers’ ability to compare and switch between products and services, and will encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services.”

The CDR ruling will become mandatory from 1st July 2020 for the four major banks in Australia (Commonwealth, Westpac, ANZ, and NAB).


What is a Consumer Data Right?

Under the new CDR ruling, both Product Data and Consumer Data must be disclosed upon request of the customer.

Product Data is CDR data that doesn’t relate to any specific consumer. It is general product information from the supplier. It can include terms and conditions or the availability of a product.

Consumer Data is CDR data that is specific to the consumer. It can include name and contact details, account details, and transaction details.


What are the new rules for CDR in 2020?

As of 1st July 2020, the four major banks are now legally required to share:

  • interest rates information
  • fees and charges
  • eligibility criteria for banking products (e.g., credit cards and mortgages)

The new CDR rules will affect banking first, with telecommunications and energy soon to follow in mid to late 2020.

Any consumer data relating to credit and debit cards, deposit accounts, and transaction accounts must now be made available from 1st July 2020. Consumer data relating to mortgage and personal loans must be able to be shared from 1st November 2020.


Understanding the New Rules on Open Banking.

As part of the new CDR changes, the big four bank websites have shared more information on ‘Open Banking’:

Overall, the new CDR rules are good news for consumers and will make the corporations that store and share information more accountable. If you’d like to know more about what your rights are, or the laws coming into effect, you can visit the Australian Competition and Consumer Commission Website.


Centegrity has over 13 years of experience helping businesses with bookkeeping and business mentoring. If you need assistance don’t hesitate to contact us or fill in the form below.