GST Point-in-Time Service Updates

The GST Service has been updated to include the Treasury Laws Amendment (Consumer Data Right) Act 2024 (Cth) (Act No 75 of 2024). 

Act 75 of 2024

This Act amends the Competition and Consumer Act 2010 (Cth) in relation to the Consumer Data Right (CDR) framework which was created to provide individuals and businesses with a right to access and share their data in sectors that have been designated by the Minister to be part of the CDR system.

This Act introduces reforms to the CDR framework, referred to as ‘action initiation’ reforms, which enables consumers to direct accredited persons to send instructions to initiate actions on their behalf. These actions could include making a payment, opening or closing an account, switching providers, and updating personal details (such as an address) across providers. These reforms expand the CDR from a data sharing scheme to a scheme that allows consumers to act on information they receive. 

CDR action initiation builds on the existing infrastructure, objectives and principles underpinning the current data sharing framework, within sectors that are already designated for data sharing.

These amendments have been updated in the Point-in-Time GST Service current to 3 September 2024. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.