JMR – Howarth / Smith – Labor Still Cannot Explain CDR Hold Up
The Hon Luke Howarth MP Shadow Assistant Treasurer Shadow Minister for Financial Services Senator Dean Smith Shadow Assistant Minister for Competition, Charities and Treasury Liberal Senator for Western Australia JOINT MEDIA RELEASE 8 November 2024 LABOR STILL CANNOT EXPLAIN CDR HOLD UP The Coalition is urging Assistant Treasurer and Minister for Financial Services Stephen Jones to progress the rollout of the Consumer Data Right (CDR) as quickly as possible. As well as finally delivering on this long-overdue commitment, it would make up for some of the precious time lost through Labor’s 14-month delay in legislating the competition reform. Under questioning from Senator Dean Smith during a Senate Estimates hearing in Canberra, Treasury officials confirmed that an important component of the CDR – consent and operational enhancement rules – have been drafted and delivered to the Assistant Treasurer for approval. However, it was also revealed that these rules remain on Mr Jones’ desk, with Treasury unable to move ahead with finalising them. Asked if the Assistant Treasurer would be dealing with these matters expeditiously, Senator Gallagher’s reply will give little comfort to frustrated stakeholders and consumers: “I can’t answer on behalf of him, but I would expect so. You know, that is his approach. He is a hard-working Minister with a lot on his plate.” The latest delay comes after legislation to support the CDR languished for fourteen months in the Senate without debate under Labor. It was only forced onto the Albanese Government’s legislative agenda in July 2024 after sustained Coalition pressure led by Shadow Assistant Treasurer Luke Howarth and Shadow Assistant Competition Minister Senator Dean Smith. Finally passed the following month, the Treasury Laws Amendment (Consumer Data Right) Bill 2022 paves the way for consumers to direct accredited representatives to make secure instructions on their behalf, including ordering payments, opening and closing accounts, switching providers and updating personal details. Senator Smith took the opportunity to query “why there was such a significant delay to the Bill being debated and then finally passed in the Senate?”. Senator Gallagher remarked only that “There is a lot of consideration is given to the legislative program.” Now, after presiding over another hold up that it cannot, or will not, explain – and with the Assistant Treasurer having assured guests at an event in August that Labor was prioritising the initiative and “backing the CDR” to be “the system of choice” – the go-slow continues. Questioned whether concerns related to the Privacy Act were contributing to the delays, Treasury officials said “It’s not affecting our current planning and delivery and commitment of this.” It prompted Senator Smith to ask what many impacted parties are also asking: “If that is the case, why is there still a delay?” The answer, once again, is the Albanese Government itself. With the next election less than six months away, the window of opportunity to implement these reforms in the current Parliament is rapidly closing. Labor will have failed to advance a bipartisan and universally endorsed competition measure that is desperately needed by Australian consumers and businesses in the cost of living crisis. ACCC Chair Gina Cass-Gottlieb released statistics on CDR usage for the first time last week, painting a clear picture of the strong demand for it across the country. It rests with the Assistant Treasurer to finally begin acting with the urgency the CDR deserves. ENDS