The Treasury Laws Amendment (Consumer Data Right) Act 2019: An Overview

Summary:

The Treasury Laws Amendment (Consumer Data Right) Act 2019 is a landmark legislation in Australia aimed at giving consumers control over their personal information. The Act empowers consumers by allowing access to their data, promoting data security, and encouraging competition. Key features include: access to data, data portability, explicit consent, accreditation of third parties, and regulatory oversight by the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC). The Act has implications for businesses, including compliance requirements, technological investments, and a reshape of the competitive landscape. While the Act presents challenges, such as complexity for small businesses and consumer awareness, it is a significant step forward in enhancing data security and promoting consumer choice.