Announcement date
14 December 2021
Link to announcement
https://treasury.gov.au/publication/p2021-225462
Background
The Consumer Data Right (CDR) provides consumers with greater access to their personal information, giving them the ability to instruct businesses to provide safe and secure access of their data to accredited third parties. The Inquiry into the Future Directions for the Consumer Data Right examined how the CDR could be expanded in functionality and leveraged with other initiatives in the digital economy.
Proposal
On 14 December 2021, the previous Government released its response to the Final Report of the Inquiry into Future Directions for the Consumer Data Right following extensive targeted engagement with interested parties. The response committed to significantly strengthen and deepen the CDR’s functionality and use through the implementation of third-party action and payment initiation reforms, along with other recommended reforms to grow the CDR ecosystem and foster greater international engagement..
Assessed Impact Analysis outcome
Independent review
Assessment comments
Consistent with the Government's Impact Analysis (IA) requirements, the Department of the Treasury has certified the Inquiry into Future Directions for the Consumer Data Right - Issues Paper, the Inquiry into Future Directions for the Consumer Data Right - Final Report and additional analysis, as meeting the requirements of an IA. The Office of Impact Analysis (OIA) does not assess the quality of independent reviews and IA-like documents used in lieu of an IA, but does assess whether the options analysed in the independent review are relevant to the regulatory proposal. The OIA assessed that the options analysed in the independent review are sufficiently relevant to the regulatory proposal.
Regulatory burden
The Department of the Treasury estimates an increase in regulatory costs of $15.3 million per year, averaged over ten years.