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FinTech Australia and open banking companies want the federal government to create a roadmap for consumer data

Australia’s open banking rollout under consumer data law (CDR) is stalling ahead of its third anniversary, with industry and fintech lobby groups calling on the federal government to have established a long-sought roadmap for CDR implementation.

FinTech Australia and the Financial Data and Technology Association (FDATA) say while a $88.8 million two-year commitment to CDR integration and rollout, announced in the federal budget earlier this month, is welcome, the industry needs better guidance from regulators need on the way forward .

CDR started in Australia in July 2020 as “open banking”, allowing consumers to consent to the use and analysis of their banking data to better manage their finances and find better deals. Late last year, it began expanding into the energy sector, with telecommunications and other consumer datasets also on the drawing board.

In September 2022, the new Labor government released an independent legal review of the CDR framework and its implementation, which found it to be “generally effective” so far.

But the icy pace of adoption has pushed fintechs out of the field. At the end of last year, British fintech Truelayer suspended its operations in Australia due to “challenging market conditions”.

Legislation for amendments to the reform of the consumer data right to take action were introduced to parliament last November and are now sitting in the Senate, awaiting approval, after the Senate Economic Legislation Committee launched an inquiry into the amendments and released its report earlier this month.

The industry hopes the changes will pass before parliament rises for the long winter break. The reforms will allow consumers to automate payments and money management, making it easier for them to switch providers. It will also create a range of use cases that will bring automation to the administration of digital life, giving consumers more time to do other things.

Rehan D’Almeida, managing director of FinTech Australia, said the potential to improve banking is hampered by the time it takes for the changes to be approved.

“We know that the CDR will play a vital role in improving the quality of services offered to Australians, increasing their overall financial literacy and, in turn, strengthening the economy. During a cost-of-living crisis, the $88.8 million allocated in this federal budget is money well spent,” he said.

“Building on this, we call on policymakers to map out the future of the rollout and ensure we maximize the impact of these funds. Like the Federal Government, we believe the CDR will be a vehicle for change for the Australian economy, and we want it to be fully implemented as quickly and as cost-effectively as possible.”

A new path

FDATA regional director Mathew Mytka said Australia is charting a path no one else has taken.

This means we need a map to help everyone navigate. A compelling vision and a clear overview of where consumer data reform is headed is crucial to realizing its potential. Despite many calls from the industry, it is still missing,”

Matthew Mitka

FDATA Regional Director Mathew Mytka

“Part of the resources in the budget should be allocated to creating this roadmap. With a strong co-design methodology behind it to reflect the promises to give Australian consumers meaningful control over their data, catalyze industry competition and support data-driven innovation across the economy.

“We have seen the UK pave the way with the next phase of the Open Banking Implementation Entity. And the Joint Regulatory Oversight Committee and the roadmap they’ve put together is a point of reference. But CDR is bigger than banking and we need something to reflect this Australian ambition.”

Next month, the two industry groups will launch an awareness campaign in partnership with the Australian Information Industry Association.

CDR month is designed to build awareness and understanding of consumer data rights, demonstrate innovative use cases, and foster collaboration between public and private sector stakeholders.


Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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