On 26 November 2017, the Australian Government announced the introduction of a Consumer Data Right (CDR) in Australia. The CDR aims to provide greater choice and control for Australians over how their data is used and disclosed.
Since July 2020, major banks have been required to make available to accredited persons consumer data relating to credit and debit cards, deposit accounts and transaction accounts, with consumer data relating to mortgages and personal loans to be shared from 1 November 2020. The CDR will also be extended to other sectors of the economy, including energy and telecommunications.
The Office of the Australian Information Commissioner (OAIC) has been working with Treasury, the Australian Competition and Consumer Commission (ACCC) and Data61 on the development and implementation of the CDR, particularly to ensure strong privacy and security protections are built into the system. The OAIC is responsible for enforcing the CDR’s Privacy Safeguards and has a range of investigative and enforcement powers to handle privacy complaints and carry out other regulatory activities with respect to privacy.
Watch this webinar to hear from the OAIC on the privacy aspects of the CDR, including:
· the CDR’s privacy-enhancing features (including consent and authorisations)
· the CDR Privacy Safeguard Guidelines and other resources