By Eliza Sayon

In a move to bolster the Consumer Data Right (CDR) and prioritize its successful implementation, the Australian Government has temporarily suspended the CDR expansion into the superannuation, insurance and telecommunications sectors. 

This decision follows recommendations from an independent Statutory Review, highlighting the necessity of allowing the CDR to mature further.

The government’s focus will now be on refining the CDR within the banking sector, with an emphasis on enhancing data quality and increasing participation. By concentrating efforts on the banking industry, the government aims to ensure optimal functionality and effectiveness of the CDR before extending its scope to other sectors.

“This will allow time to focus on ensuring that the CDR in banking is working as effectively as possible, extending into the non-bank lending sector and continuing with the energy rollout as planned,” stated the Treasury in a media statement.

While expansion into specific sectors is temporarily paused, the Australian Government remains committed to advancing action initiation, a key objective of the CDR expansion. 

Close collaboration with stakeholders will drive the assessment and development of a robust framework to support the future implementation of this empowering feature.

To enhance consumer confidence and facilitate the identification of CDR-enabled providers, products, and services, the government has allocated funds to develop a trust brand strategy. The aim is to raise awareness among Australians and ensure easy access to CDR benefits with a sense of security.

A strategic assessment of the CDR is slated for the end of 2024, providing a comprehensive evaluation of its progress and performance. The findings from this assessment will guide future expansions, including the incorporation of superannuation, insurance, and telecommunications sectors, as well as the implementation of action initiation. 

This forward-looking evaluation is expected to shape the evolution of the CDR, ensuring its continued development in Australia’s dynamic digital landscape.

• Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.