This is the Business Council’s submission to the Treasury regarding the Strategic Assessment for the implementation of an economy-wide Consumer Data Right (CDR).
The Strategic Assessment will set a timetable for delivering an economy-wide CDR and will consider whether roll-out can be further accelerated.
There are many potential benefits the CDR may deliver, including greater competition, better consumer outcomes, and improved efficiency. However, these benefits will not be realised in the same way for all sectors, and they are not cost free.
This submission sets out points on how Treasury could shape future designations to support businesses being included within the CDR regime in a cost-effective way. We also highlight some of the key factors to consider ahead of designating any future sectors or factoring them into future rollouts, to ensure any designation deliver benefits greater than the costs.