On 20 July 2017, the Hon Scott Morrison MP commissioned the Open Banking Review, chaired by Mr Scott Farrell who was asked to recommend the most appropriate model for Open Banking in Australia. By giving customers greater access to and control over their banking data, Open Banking has the potential to transform the way in which customers use and benefit from the banking system.
The final report makes fifty recommendations, on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues.
While the Review has consulted extensively in forming its recommendations, the Government is seeking any further detailed comments on the recommendations before making final decisions on implementation. Submissions should be lodged with email@example.com by 23 March 2018.