POWERED BY MOMENTUM MEDIA
Government to pause CDR in super
Minister for Financial Services, Stephen Jones, has announced the expansion of the Consumer Data Right (CDR) into superannuation will be paused.
The CDR allows consumers to control the use of their data by trusted third parties so they could compare products and find a better deal.
This currently applies to banking and energy but there are plans for it to be expanded to financial products.
Last January, Jones’ predecessor under the Liberal government, senator Jane Hume, said it could be expanded to include superannuation products.
Speaking at the Committee for Economic Development of Australia (CEDA), Jones said the government had now decided to pause its expansion to allow for assessment of how it is working in other sectors.
Jones said: “Before expanding CDR into multiple new industries, we need to support take-up and deepen its place in the sectors where it is already operating.
“So our focus over the next two years will be on:
- Improving data quality and deepening participation in the existing sectors: banking and energy
- Cyber security improvements across all CDR agencies to reflect the evolving data landscape
- Expanding awareness of CDR as a data-sharing model that allows consumers to easily identify CDR-enabled providers, products, and services
“We will pause the expansion of CDR into superannuation, insurance, and telecommunications.
“We want to do the work to get it right, to minimise the risks and maximise the benefits and to have clear use cases identified so that public and private investment can be properly assessed.
“We will undertake a strategic assessment at the end of 2024. Further developments and further expansions will be considered as part of that process, but not before.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
