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More Power For Consumers To Get Cheaper Deals

Australians will have more power to compare and switch home loans and credit cards, as well as energy and phone and internet companies.

 

The Consumer Data Right will revolutionise the way consumers and small businesses use their data and not only help them switch to cheaper offers, whilst also encouraging competition between service providers, leading to better prices and more innovative products and services.

 

The laws give consumers more control over their data which will help with the development of better and more convenient products and services that are customised to individuals’ needs.

 

The Consumer Data Right will first launch in the banking sector, through what is known as Open Banking, followed by the energy sector and with the telecommunications sector proposed to follow.

 

The Consumer Data Right will be regulated by the Australian Competition and Consumer Commission and the Office of the Australian Information Commissioner, with a new Data Standards Body developing transfer and security standards.