Latest update: May 9, 2018. The Australian Treasury has published its response to the report on open banking. The authority accepted both recommendations concerning the consumer data right and right to open banking.
The implementation process will gradually begin at major banks from July 2019, with specific time stipulations, making data available to customer accounts by July 1, 2019. Data on all products will be available from July 1, 2020. Smaller banks will have a 12-month delay, subject to change from the Australian Competition and Consumer Commission (ACCC).
In the upcoming period, public consultations will be carried out by the Treasury, the ACCC and Data61 for draft legislation, rules and technical standards, respectively.
The response is available here.
On February 9, 2018, the Treasury Department of the Australian government launched a 42-day public consultation on the final report regarding the review into open banking, aiming to empower consumers by allowing them greater access and control over their banking data.