Commerce Minister introduces Customer and Product Data Bill to facilitate competition in banking and electricity through open banking.
Commerce & Consumer Affairs Minister, Andrew Bayly, says new legislation paves the way for greater competition in sectors like banking and electricity. The Customer and Product Data Bill, which had its first reading, aims to improve regulation of digital markets by giving consumers more choice and creating a competitive environment. This legislation sets the foundation for "open banking," allowing innovative start-ups to compete with traditional banks, potentially leading to lower prices and investment growth.
July 23, 2024
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