CDR Designation 2019

The Consumer Data Right (Authorised Deposit-Taking Institutions) Designation 2019 is a legislative instrument under the Competition and Consumer Act 2010, administered by the Department of the Treasury. It formally identifies the banking sector as designated under the Consumer Data Right (CDR) framework, enabling consumers to access and control their data. The instrument specifies various classes of information, including product usage data and product details, that are covered under the CDR, while explicitly excluding certain types of information, such as credit information and materially enhanced data. This lays the groundwork for open banking initiatives in Australia and aims to promote competition and consumer empowerment.