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Implementation of an economy-wide Consumer Data Right: Strategic Assessment

Published: 13 Sep 2021

ISA welcomes the focus of the Consumer Data Right Strategic Assessment consultation paper’s on the benefits to consumers; competition and market efficiency; innovation and safer and more secure data sharing practices. ISA’s comments focus on consumer benefits and the means by which CDR can benefit superannuation fund members.

We note on page 9 of the consultation paper the following comment is made “As CDR expands it will transform data from being an inaccessible resource used by businesses for profit, to an invaluable tool that consumers can control and benefit from as well.” Whilst recognising the potential benefits to consumers through the expanded use of CDR in the superannuation sector; ISA is concerned that the early expansion of CDR into the sector could be used as a resource to generate profit with minimal benefit to superannuation fund members and consumers.

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