Katina Curtis, AAP Senior Political Writer
(Australian Associated Press)
Australians should find it easier to switch banks as new rules around data sharing come into effect after a five-month delay.
The consumer data right was originally set to be launched in February and the four big banks voluntarily began the first stage a year ago.
It allows customers to access data about themselves held by banks and direct this information to third parties of their choice.
The government says this could be used to better compare products such as credit cards or mortgages and allow recommendations for services targeted to a customer’s actual needs.
Treasurer Josh Frydenberg says it could be confusing for people to compare the thousands of banking deals on offer.
“Allowing consumers to compare and switch their home loans, personal loans and credit cards more easily will lead to better prices, more choice and greater competition.”
Banking is the first sector to be covered from Thursday and the changes will be extended to the energy sector next.