Read the news coming out of Canberra…..
Assistant Minister for Cities and Digital Transformation and Liberal MP for Hume Angus Taylor, media release, 26 November 2017:
Australians to own their own banking, energy, phone and internet data
The Turnbull Government will legislate a national Consumer Data Right, allowing customers open access to their banking, energy, phone and internet transactions.
Australians will be able to compare offers, get access to cheaper products and plans to help them ‘make the switch’ and get greater value for money.
Assistant Minister for Cities and Digital Transformation Angus Taylor said it was the biggest reform to consumer law in a generation.
“Government is pursuing the very simple idea that the customer should own their own data. It is a powerful idea and a very important one,” Assistant Minister Taylor said.
“Australians have been missing out because it’s too hard to switch to something better. You may be able to access your recent banking transactions, or compare this quarter’s energy bill to the last, but it sure isn’t quick or easy to work out if you can get a better deal elsewhere.”
The Consumer Data Right was one of 41 recommendations from the Productivity Commission’s Data Availability and Use Inquiry, tabled in parliament in May this year.
The Government’s formal response to the inquiry will be published in coming weeks.
“It won’t be far down the track when you can simply tap your smartphone to switch from one bank to another, to a cheaper internet plan, or between energy companies.
Government is lifting the lid on competition in consumer services and technology is the enabler,” Assistant Minister Taylor said.
Following on from the Prime Minister’s recent agreement with electricity retailers, and the Treasurer’s open banking initiative, the Consumer Data Right will be established sector-by-sector, beginning in the banking, energy and telecommunications sectors.
Utilities will be required to provide standard, comparable, easy-to-read digital information, that third parties can readily access. New Commonwealth legislation to give effect to these reforms will be brought forward in 2018. [my yellow highlighting]
Take a minute to feel good about this.
Then realise that not all the publicly or privately held digital data retained about you will actually be ‘owned’ by you.
If anything it appears that individuals will have a limited joint right to certain data and what access to data they have will probably attract a fee to view and/or download.
It is also likely that data held about you by the banking, energy, phone and internet sectors will be transferred to third parties even when you prefer this didn't happen. It may become a condition of changing service providers as it will likely give the new provider a wealth of information about you and your credit rating.
It is also highly likely that the new legislation will allow third parties to access, disclose and trade in data sets and/or consumer data - without consumers necessarily being made aware this is occurring.
Eventually the Turnbull Government's consumer data rights along with those third party rights will apply to all sectors, including the insurance industry.
If you are interested in some background reading start with the Australian Productivity Commission’s March 2017 report here.
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