Article: Why the 2021 Federal Budget was promising for open banking

Money, Open Governance

Why the 2021 Federal Budget was promising for open banking

This year’s Federal Budget, which focused on Australia’s economic recovery from the COVID-19 pandemic, included a $1.2 billion technology package centered around digital skills and cyber security. While it was relatively quiet for the FinTech sector, the announcement of a $113 million investment into the rollout of the Consumer Data Right (CDR), the legislation behind open banking, has the power to spearhead growth in the finance sector and increase Australians’ financial wellness.

The Australian Government announced the introduction of a CDR in 2017. The CDR, which Envestnet | Yodlee recently became an accredited member of, set out to give consumers greater access to, and control over their data, improve their ability to compare and switch between products and services, and encourage competition between service providers.

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