Open Banking in Australia

 

 

In the 2017-18 Budget, the Government announced it will introduce an open banking regime in Australia.

The Government has commissioned an independent review to explore appropriate implementation and regulatory models, and timelines.

On 20 July 2017, the Treasurer the Hon Scott Morrison MP announced the appointment of Mr Scott Farrell as the independent expert to lead the Review into Open Banking. A report is due to Government by the end of 2017, with a response expected in early 2018.

Submissions to the Review were due by 22 September 2017.