Consumer Data Right Data Standards

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

The Australian Banking Association wrote to Assistant Treasurer Stephen Jones on 11 November 2024 regarding the Consumer Data Right (CDR), expressing qualified support while flagging significant concerns. The ABA acknowledged the government's efforts to improve CDR but argued the scheme has not justified substantial banking sector investment, with disproportionate impact on mid-tier banks. The letter references Heidi Richards' review of CDR compliance costs, which identified structural deficiencies in design, implementation and governance that have driven inflated costs, weakened competitive dynamics, and resulted in minimal consumer uptake. The ABA contended that reducing compliance burdens and improving consumer appeal are interdependent priorities necessary to enable ecosystem growth, lower costs, and increase productivity benefits. The letter signals the banking industry seeks meaningful CDR reform addressing cost sustainability alongside consumer engagement.