Australia Has Second Attempt At Open Banking Legislation

The Australian government has said it will re-introduce legislation this week to enable open banking to begin on schedule in February 2020, but its reception from opposition parties remains uncertain.

Laws to create a consumer data right (CDR) — to be applied first in the banking sector and then rolled out to energy and telecommunications — passed initial parliamentary scrutiny earlier this year but its progress was scuppered by a nationwide election in April. 

The introduction of the data right is already behind schedule due to parliamentary turmoil last year. The rules governing the system cannot go into effect until the legislation is passed. 

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