The Albanese Government is set to overhaul the Consumer Data Right (CDR) rules in a bid to simplify processes and enhance operational efficiency. The changes are designed to make it easier for consumers to utilise the CDR and unlock the value of their data.

The government plans to amend the CDR rules to improve cost-effectiveness and streamline consent processes. This includes allowing consents to be bundled and simplifying requirements for providers. The changes also aim to remove barriers for banks by simplifying the requirements when an accredited bank seeks data from a consumer.

In addition, the government is extending a trial of CDR-enabled energy products to 24 months (up from 12 months) and to 2,000 customers (up from 1,000). The government is working with stakeholders to ensure the changes represent value-for-money.

The Treasury will further consult with stakeholders on proposed amendments to improve business consumer participation in the CDR. The new rules are set to commence on 12 November 2024.