Treasurer Jim Chalmers backed concerns from the banks about the high compliance costs and low take-up of the consumer data right, but has committed to “get it right” in legislation that the Senate has agreed to vote on next month.
The consumer data right was a Morrison government-era competition policy that was supposed to make it easier for customers to get better deals from their lenders by seamlessly transferring their data to alternative banks.
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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
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
