Definition
The CDR (Consumer Data Right) is Australia's regime for consumer data access, launched in 2020 by the ACCC and the OAIC.
Its distinctive feature: a horizontal framework spanning several sectors — banking, energy, telecoms, extended finance — and not just banking. Along with Open Finance Brasil, it is one of the two great global inspirations for the European FIDA and the UK's future Smart Data Bill.
Why the CDR is unique
Three structural differences from PSD2 or UK Open Banking:
- Multi-sector by design: conceived from the start as horizontal. Banking in 2020, energy in 2022, telecoms and non-bank finance in progress.
- Strict accreditation: becoming an ADR (Accredited Data Recipient) requires heavy accreditation with the ACCC. The cost of entry slows adoption but strongly protects the consumer.
- Action Initiation: phase 2 goes well beyond payment initiation — you can authorise a broad action (switching provider, opening an account, taking out a contract) in a single consented flow.
The phases deployed
- Open Banking (since 2020, complete in 2022): current accounts, savings, cards, loans, mortgages.
- Open Energy (since 2022): electricity consumption and pricing, to compare and switch provider.
- Extended Open Finance (2024–2025): insurance, retirement (superannuation), non-bank credit.
- Open Telco (upcoming): mobile and internet usage.
- Action Initiation (legislated in 2024, rollout 2025+): acting on the customer's behalf — payment, switching, subscription.
CDR vs PSD2 vs Open Finance Brasil vs FIDA
| CDR (AU) | PSD2 (EU) | OF Brasil | FIDA (EU planned) | |
|---|---|---|---|---|
| Scope | Multi-sector | Payment accounts | All finance | All finance |
| Payment initiation | Not yet (Action Initiation upcoming) | Yes (PISP) | Yes (via Pix) | No (stays in PSD) |
| Access regime | ACCC accreditation (strict) | NCA licence | BCB mandate | To be defined |
| Regulator | ACCC + OAIC | NCA + EBA | Centralised BCB | NCA + EBA |
| Adoption | Low (ADR is costly) | Variable | Massive | Upcoming |
| Security | TLS + JWS, strong accreditation | mTLS QWAC + QSealC | OAuth FAPI + ICP-Brasil | To be defined |
The key players
- ACCC — central regulator, manages ADR accreditations and compliance.
- OAIC — personal-data protection regulator.
- Treasury — drives sector expansion and the timetable.
- Data Standards Body (DSB) — maintains the Consumer Data Standards (the API spec).
- Data Holders — entities required to expose the data (the Big Four since 2020: Commonwealth, Westpac, ANZ, NAB).
- ADR — entities accredited to consume the data (the TPP equivalent).
What the CDR is not
- Not (yet) an adoption success: despite its sophistication, ADR adoption remains low (~150 ADRs at the end of 2024). The cost of accreditation and the complexity have held the ecosystem back.
- Not a payment system: no PISP in the PSD2 sense — Action Initiation will partially fill that gap.
- Not limited to finance: a cross-cutting data-opening framework, which sets it apart from the fragmented European approach.
- Not fixed: the Treasury regularly revises the scope (a 2024 reform to simplify accreditation and accelerate Action Initiation).
In the global ecosystem
Less widely adopted by volume than Pix, UPI or UK Open Banking, the CDR is nonetheless the most advanced conceptually:
- the first operational multi-sector regime;
- the first to formalise Action Initiation beyond payments;
- a model closely studied by the EU (FIDA), the UK, Singapore, Japan and New Zealand.
Real-world examples
- Big Four: Commonwealth Bank, Westpac, ANZ and NAB have been required to comply since 2020, joined in phases by second-tier banks and credit unions.
- Frollo: a PFM/insights pure player, one of the first ADRs, known for its deep CDR integration.
- Pocketbook (acquired by Zip): a consumer aggregator, pivoting towards the CDR.
- Basiq: the Australian equivalent of Bridge or Tink, the data infrastructure of local fintechs.
- Open Energy in practice: an Australian authorises a comparison site to access their electricity consumption data and to switch them to another provider, directly via the CDR.
- Action Initiation to come: switching mortgage, opening a savings account elsewhere, taking out insurance — all in a single consent. If it takes off, the financial experience will be redefined.
- FIDA comparison: the European Commission explicitly studied the CDR (notably Action Initiation), but the EU starts from an already very crowded PSD2 ecosystem, whereas the CDR benefited from more of a blank slate.