The Consumer Data Right allows you to give an accredited business access to your consumer data so they can offer products and services tailored to your needs. It’s available in the banking sector, so as a banking customer you can use it to find a bank with the product or service that best suits your needs.

Only a business the Australian Competition and Consumer Commission (ACCC) has accredited can provide services under the Consumer Data Right. Such a business is called an ‘accredited data recipient’ and they must comply with privacy safeguards and rules that ensure your privacy is protected and your data is transferred and managed securely.

The Consumer Data Right is an opt-in system. You have the choice to authorise a business to access your consumer data and you can withdraw your consent at any time. You also control what data is transferred, what it can be used for and who it can be disclosed to. You can ask for your data to be deleted if it is no longer needed.

The Consumer Data Right is available to any consumer who is 18 or older. Small, medium and large businesses can also use the Consumer Data Right, for example, to manage their bills or for bookkeeping and accounting.

Strict controls have been built into the Consumer Data Right system which we and the ACCC will enforce.

What is Consumer Data Right data?

Consumer Data Right (CDR) data includes information about an individual, such as their name and contact details, as well as detailed information about their use of a specific product or service. For an accredited business in the banking sector, CDR data for an individual includes customer, account and transaction data, as well as saved payees.

For example, as a bank customer, you may choose to authorise another bank to access the following types of information:

  • customer data:
    • your name, occupation and contact details
    • information you provided when acquiring a product, or relating to your eligibility to acquire that product
    • details if you operate a business, such as your business’ name, ABN and ACN, the type of business, date of establishment and organisation type
  • account data:
    • your account number, name and postal address
    • your account type
    • your account balance
    • interest rates, fees and discounts
  • transaction data:
    • incoming and outgoing transactions and the amounts
    • dates
    • descriptions of transactions
    • who you may have sent money to and received money from
    • direct debits and scheduled payments
  • saved payees: the names and details of saved accounts.

For more information, see the Consumer Data Right website.