Independent Review – Department of the Treasury
On 29 June 2020, the Australian Government announced application of the Consumer Data Right to the energy sector.
The Consumer Data Right provides consumers with greater access to their personal information, giving them the power to instruct businesses to provide safe and secure access of their data to trusted third parties. Applying the Consumer Data Right to the energy sector will allow consumers and businesses to more easily compare and switch between electricity plans and providers, encouraging more competition, lower prices and more innovative products and services.
Consistent with the Government’s Regulation Impact Statement (RIS) requirements, the Open Consumer Energy Data: Applying a Consumer Data Right in the energy Sector report, together with its associated draft paper, has been certified by the Department of the Treasury (the Treasury) as meeting the requirements of a RIS.
At the time of certification, the Office of Best Practice Regulation (OBPR) did not assess the quality of independent reviews and RIS-like documents used in lieu of a RIS. The Treasury estimated average regulatory costs to be $9.9 million a year, and the OBPR previously agreed that estimate.
The Australian Competition and Consumer Commission (ACCC) is continuing consultation, and will prepare a separate RIS on the proposed rules for the sector.
Please note: for any accessibility queries, please contact the Treasury.