From the Treasury Ministers: The Albanese Government is expanding the Consumer Data Right (CDR) to include non-bank lending providers, effective mid-2026, to enhance competition and innovation in the market.

Key changes include removing niche product data sharing requirements, reducing the retained data period from seven years to two, and ensuring Buy Now, Pay Later products are included under data sharing obligations.

These initiatives aim to streamline the CDR framework, lower compliance costs, and facilitate consumer access to better financial deals.