Consumer Data Revolution

The Consumer Data Right (CDR) is an Australian legislative, regulatory and standards framework aimed at giving consumers more control over their personal data. Despite growing concerns for data privacy, the CDR has had mixed success since its introduction to the banking and energy sectors, resulting in a pause in expansion to other sectors.

In this new report from Deloitte - Consumer Data Revolution: Empowering Australia’s Future -  an alternate path is laid forward for the CDR to reach its aims and maximise consumer and economic benefit. This report was produced with the support of the Commonwealth Bank of Australia.

The Australian economy would be $16.7 billion larger by 2043 if the CDR expands beyond banking and energy sectors. Further, approximately 46,800 additional jobs could be expected from the combined effect of greater competition and innovation from cross-sector data sharing.

This report explores CDR’s potential and how it can be best achieved by shifting away from a sector-based approach toward one that is more consumer-centric. The future approach should prioritise a broad set of data types including public administration and information, media and telecommunications. In doing so, it can deliver tangible consumer value and incentivise businesses to better innovate.