Treasurer Josh Frydenberg says the open banking regime that begins on Wednesday will lead to lower prices, more choice and greater competition.
The first industry application of the consumer data right will drive productivity across the banking sector, and then the wider economy when it is expanded to energy, telecommunications and other sectors, he said.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
