On 19 August 2021, CA ANZ with CPAA, IPA and ICB provided a joint submission to the Treasury on the implementation of an economy-wide CDR.

At a high level we supported the roll out of the CDR across the Australian economy. What we did not support was a fixed time table for such a roll out.  We recommended that time be taken to evaluate the impact of the CDR in banking. Particularly, if it is meeting consumer’s needs. 

In particular, allowing time for our members to test the trusted adviser element will provide the Treasury with critical data on how consumers are benefiting from the CDR in banking, what may need to change. We argued that time invested now in evaluation will provide confidence in the model and further accelerate the roll out across the economy.

Once confidence in the model is verified we proposed implementation should focus on direct-to-consumer functionality. Not only will this meet the key purpose of the regime, to empower the consumer, consumer demand to utilise their data will raise awareness and drive acceptance of the CDR across the economy. 

We would like to thank the members of joint professional bodies for contributing to this submission.