Australia’s Data-Sharing Regime: Six Lessons for the World

Forthcoming in King’s Law Journal

UNSW Law Research Paper No. 21-67

49 Pages Posted: 21 Oct 2021 Last revised: 29 Nov 2021

See all articles by Ross P. Buckley

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law & Justice

Natalia Jevglevskaja

UNSW Law Faculty

Scott Farrell

King & Wood Mallesons - King & Wood Mallesons-Sydney

Date Written: October 20, 2021

Abstract

Open Banking is increasingly popular globally and is generally understood as the right of consumers to share their banking data with third parties of their choice so these can offer a better value for money service. While the EU and UK pioneered the development of Open Banking, Australia has adopted it and applied the concept of consumer data portability far more broadly. Its Consumer Data Right (CDR) regime, introduced in 2019, is unique in its intention to implement economy-wide data sharing across banking, energy, telecommunications, pensions, insurance, groceries, health, education, and other sectors. Although the legal frameworks in all three jurisdictions are in a state of flux, we analyse five lessons Europe can learn from Australia’s experience with its CDR regime to date and suggest a sixth lesson. We argue for nuanced regulation which promotes the benefits, while minimising the risks, of data sharing.

Keywords: Data sharing, consumer data right, open banking, GDPR, PSD2, open finance, consumer education.

Suggested Citation

Buckley, Ross P. and Jevglevskaja, Natalia and Farrell, Scott, Australia’s Data-Sharing Regime: Six Lessons for the World (October 20, 2021). Forthcoming in King’s Law Journal, UNSW Law Research Paper No. 21-67, Available at SSRN: https://ssrn.com/abstract=3946668

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law & Justice ( email )

Sydney, New South Wales 2052
Australia

Natalia Jevglevskaja

UNSW Law Faculty ( email )

Kensington, 2052
Australia

HOME PAGE: http://unsw.edu.au/law-justice

Scott Farrell

King & Wood Mallesons - King & Wood Mallesons-Sydney ( email )

Governor Phillip Tower
1 Farrer Place
Sydney, New South Wales 2000
Australia

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