The idea behind CDR is that consumers should be able to tell businesses to reveal data about them to other parties.
This would make comparison shopping much easier: could other providers give you better deals on your credit card, insurance, electricity, phone and so on if they knew as much about you as the incumbents do?
The first step in the introduction of CDR is in the banking sector.
The ACCC has been working closely with the big four banks and the nine entities selected to be the initial data recipients to test and refine the CDR ecosystem.
But things clearly haven't gone to plan.
The scheme was supposed to start in the banking sector in February 2020, but this has now been delayed until 1 July 2020.
At that time, customers will be able to direct major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers. Consumers’ mortgage and personal loan data will be sharable from 1 November 2020.
The ACCC has formed the view that this updated timeline for these aspects of the CDR reforms will allow additional implementation work and testing to be completed and better ensure necessary security and privacy protections operate effectively.
“The CDR is a complex but fundamental competition and consumer reform and we are committed to delivering it only after we are confident the system is resilient, user friendly and properly tested,” said ACCC commissioner Sarah Court.
“Robust privacy protection and information security are core features of the CDR and establishing appropriate regulatory settings and IT infrastructure cannot be rushed.”
The CDR rules will be changed in January to reflect the delay.
Experian ANZ executive general manager of credit services and decision analytics Poli Konstantinidis said "Based on our experience in the UK, we have always believed the implementation of CDR here needed to be exercised with care, so we welcome this considered approach to the CDR rollout.
"Greater data sharing will see the ownership of customer data put back in the hands of Australians and give them the power to access better deals, so while a true open data environment may be delayed for now, it's vital CDR is implemented effectively and regulated properly so consumers can have access to the wide ranging benefits."
The ACCC will conduct further consultation regarding any consequential changes to other phases of the CDR.