Competition in the industry, as the draft report clearly states, has delivered tangible benefits to the Australian customer. This backs up findings of previous inquiries such as the Financial System Inquiry which recommended certain reforms which have since enhanced competition in the industry.
By giving customers greater access to and control over their banking data, Open Banking has the potential to transform the way in which customers use and benefit from the banking system.
The final report makes 50 recommendations, on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues. While the Review has consulted extensively in forming its recommendations, the Government is seeking any further detailed comments on the recommendations before making final decisions on implementation.
Submissions should be lodged with data treasury. The CDR will give customers the right to access their data in a machine-readable form.
The Government has decided that the CDR will be implemented economy-wide on a sector-by-sector basis, initially in the banking, energy, and telecommunications sectors. Open Banking — the CDR for banking data — will be the first sector in which the right will be established.
The Treasurer therefore seeks views on the proposed regulatory framework contained in the Report, as a model for the broader CDR.In past filings with the Australian Competition and Consumer Commission (ACCC), Apple has argued that it believes Australia’s largest banks are attempting to avoid paying the fees associated with using Apple Pay, rather than trying to access the iPhones NFC technology to ensure competition.
The main purpose of this report is to determine if the big 4 banks hold too much power in the banking industry, and how the amount of market share controlled by each of the big bank affects the competition amongst the banking industry and .
Through minimal competition, the conduct of the industry has slightly diminished with an increase in fees, and inquiries into possible collusion. The structure, performance and conduct paradigm of the Australian banking industry threatens the competition evident in the market. Note: the ‘Consumer Data Right – Fact Sheet’ that was previously available on this page has now been superseded by the ‘Consumer Data Right Booklet’.
On 20 July , the Hon Scott Morrison MP commissioned the Open Banking Review, chaired by Mr Scott Farrell who was asked to recommend the most appropriate model for Open Banking in Australia.
Australian competition law cases. Alphabetical. Leading and other important cases are highlighted in boxes below. High Court caases are highlighted in blue.
banking industry participants, the relative market share of those participants, the size of the Australian banking industry, the range of products offered and the profitability of the sector.