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In May, the Government announced it was earmarking $44.6 million , over four years, to get the CDR off the ground. More than $20.2 million is going to the ACCC to determine costs and benefits, as well as to develop and implement rules governing the data right and contents of standards. The Digital Platforms Inquiry was launched last December and aims to investigate the potentially detrimental impact of next-generation digital platform giants, such as Facebook and Google, on media and advertising competition in Australia. Read more Why we need to look inside the black box of AI More than 60 submissions have been made to the inquiry to date, including from media houses such as the ABC, Fairfax, Network Ten, Foxtel, the Australian Associated Press and Australian Radio Network. In his presentation today, Sims said the CDR will be rolled out sector-by-sector, starting with the banking sector under the moniker Open Banking. The intention is for all major banks to make data available on credit and debit card, deposit and transaction accounts by 1 July 2019, and mortgages by 1 February 2020. All remaining banks are then expected to comply within 12 months after data on all products recommended by the Open Banking review is available on 1 July 2020. Sims also confirmed a Data Standards body will lead technical standards development for the CDR, and held its first meeting last week. This group is led by independent chair, Andrew Stevens, and supported by innovation lab, Data 61.
For the original version including any supplementary images or video, visit https://www.cmo.com.au/article/643838/accc-chair-details-consumer-data-right-objectives-plan/
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