The Liberal National Government is making it easier for households and small businesses in Hasluck to compare prices, products, services and providers across the banking, energy and telecommunications sectors.
Federal Member for Hasluck, Ken Wyatt MP, said that new laws, which were/will be introduced into the Parliament this week, will establish a ‘Consumer Data Right’ for individuals and small businesses in Hasluck.
“Currently, businesses hold personal data which consumers have not been able to access. Under the Government’s changes, consumers will be able to access this previously unattainable data, shift it around to accredited third parties and find the products and services for their needs,” Mr Wyatt said.
“This means people’s unique circumstances in Hasluck can be taken into account more effectively when they are engaging with product and service providers. It will allow for improved price comparison, easier switching between products and providers and assisting individuals to better understand how they spend their money.
“Consumers will determine what data is shared under the Right, on what terms and with whom. High levels of privacy protection and information security will be a core feature of the system.”
The Consumer Data Right will apply in the banking sector, where it is referred to as Open Banking, from 1 July 2019. It will then be applied to the energy and telecommunications sectors.
The Consumer Data Right is part of the Liberal National Government’s plan for a stronger economy.