Legislation mandating that

06-Jan-2018 15:23

To put MHA into effect, we need to make zoning changes that add development capacity and expand housing choices.

For more than two years, we heard community input on the proposal to implement MHA.

Australian banks and fintechs weigh in on open banking regime Charging fees for data access, introducing a strong liability regime in the event of data breaches, and establishing data privacy and security standards are among the recommendations provided by banks and fintechs ahead of the impending open banking regime..

Mandating data-sharing could stifle competition: Business Council of Australia The Business Council of Australia opposes mandatory data sharing in Australia, saying it will lead to companies piggybacking off the banks and other established financial institutions, rather than innovating.

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You may be able to access your recent banking transactions, or compare this quarter's energy bill to the last, but it sure isn't quick or easy to work out if you can get a better deal elsewhere." According to the government, its new legislation is "broadly consistent" with the commission's recommendations, with both the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC) regulating different aspects of the scheme.

Making 41 recommendations in total, a report from the Productivity Commission's Data Availability and Use inquiry called for an open-data practice be implemented.

"Government is pursuing the very simple idea that the customer should own their own data.

Speaking at Australia's Asian Future Summit 2017 in Sydney earlier this year, Australian Treasurer Scott Morrison said the open banking initiative is one that will change the country's economy."One of the biggest changes we can make, which links into the broader technology in this space, is consumer data rights and the Productivity Commission -- that is one of the big rocks in the jar for really lifting Australia's productivity over the next 20 years, and that is giving customers control of their information," he said."That is the building block that every fintech, that every technology company -- every company -- needs to be able to find a better deal and deliver a better service."That will change our economy."Where energy is concerned, the Consumer Data Right will be consistent with the recommendation made by the Independent Review into the Future Security of the National Electricity Market, and agreed to by the Council of Australian Governments, to improve consumers' ability to access and share their energy data.

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Similarly, in the telecommunications industry, the Consumer Data Right will help consumers identify the most appropriate plan for them in the market, matching their actual service usage against their budget."It won't be far down the track when you can simply tap your smartphone to switch from one bank to another, to a cheaper internet plan, or between energy companies.

Government is lifting the lid on competition in consumer services and technology is the enabler," Assistant Minister Taylor added.