Govt sinks another $20m into consumer data right

Govt sinks another $20m into consumer data right

The federal government has handed Treasury and Australia’s competition regulator $19.2 million to continue the implementation of the consumer data right over the next 12 months.

The new funding, revealed in the government’s 2020 economic and fiscal update on Thursday, comes just weeks after the first stage of the scheme went live for the major banks.

Under the scheme, bank customers can request that data pertaining to their deposit and transaction accounts and credit or debit cards be shared with accredited data recipients.

While there were only two accredited data recipients at launch, a further 39 are currently in the approval pipeline.

An expansion of the scheme later this year will see consumers able to share data relating to home loans, investment loans, personal loans and joint accounts.

Around $6.6 million of the new funding will be used by the Australian Competition and Consumer Commission to “continue to progress key elements of the consumer data right”.

The majority of the additional funding, however, will flow to Treasury, which will use $12.6 million to “support an information and awareness campaign to introduce CDR” and help “drive uptake”.

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Source: Govt sinks another $20m into consumer data right – Finance – Storage – iTnews