AUSTRALIA
Australia's Open Banking initiative, driven by the Consumer Data Right (CDR) legislation,
Empowers consumers by allowing them to securely share their personal and financial data with accredited third parties through APIs. The CDR framework promotes data interoperability across sectors, extending beyond banking to energy and telecommunications.
Open Banking in Australia prioritizes data sharing for enhanced access to financial products and services, fostering competition and innovation. The CDR's expansion into the energy sector enables seamless energy data sharing, promoting interoperability among providers and empowering consumers with effective energy consumption information. The overarching goal of the CDR is to establish a secure data-sharing ecosystem that drives innovation, competition, and improved customer experiences across various sectors.
Updated: November 2023
