The Government has agreed to the recommendations of the Open Banking Review, both for the framework of the Consumer Data Right and for the application of the right to Open Banking, with a phased implementation from 1 July 2019. Background.
The Open Banking Response is complemented by the Government’s decisions in respect of Data Sharing including the creation of the Consumer Data Right.
The Government will phase in Open Banking with all major banks making data available on credit and debit card, deposit and transaction accounts by 1 July 2019 and mortgages by 1 February 2020. Data on all products recommended by the Review will be available by 1 July 2020.
All remaining banks and ADIs will be required to implement Open Banking with a 12-month delay on timelines compared to the major banks.
The Australian Competition and Consumer Commission (ACCC) will be empowered to adjust timeframes if necessary.
The Treasury will be consulting on draft legislation, the ACCC will be consulting on draft rules, and Data61 will be consulting on technical standards.