The so-called Consumer Data Right will be passed into law next year, according to Assistant Minister for Cities and Digital Transformation Angus Taylor.
Under the law, utilities would have to provide consumers with standard, comparable, easy-to-read digital information, that is easily accessible by third parties.
“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,” Taylor said.
The Consumer Data Right is one of 41 recommendations made by the Productivity Commission in its Data Availability and Use Inquiry report in May. The government's response will be made in the next few weeks.
The Consumer Data Right will be established sector-by-sector, beginning in the banking, energy and telecommunications sectors.
“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," Taylor said.
"Government is lifting the lid on competition in consumer services and technology is the enabler.”