Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

The Australian economy right now is in desperate need of productivity reform and competition improvements. Amidst the cost-of-living crisis and broader economic uncertainty and stagnation, we need policies that make doing business easier, reduce friction in our transaction economy and help bring our regulatory framework in line with, or indeed ahead of, our international peers. That is why I'm pleased that the coalition will support the Treasury Laws Amendment (Consumer Data Right) Bill 2022.

On the face of it, the bill is a very dry and technical read, but what I would like to do is demonstrate to the chamber and to others that are watching in this debate the real benefits that are to be achieved and realised through this legislation. So I'm going to read from a correspondent who has written to me specifically about the importance of this bill and the importance of passing the bill this afternoon.

She says: 'This bill is of significant importance for enhancing consumer rights and promoting fair competition, particularly within the banking sector, with established banks as well as fintech companies having new opportunities to innovate and compete for our small-business customers based on data driven insights and services. In short, the consumer data right represents a groundbreaking economic reform that prioritises consumers in the data sharing framework. As you're likely aware, Australian consumers generate substantial data through daily transactions with various businesses including banks. The CDR provides a mechanism for consumers to access and control this data safely and securely, empowering them to make more informed choices. From a competition standpoint, this bill has the potential to be transformative. It will enable consumers greater flexibility to switch between service providers, especially in the banking sector. The bill will allow consumers to instruct accredited action initiators to perform tasks such as switching bank accounts or updating information across multiple platforms simultaneously. This action could significantly enhance competition, making it easier for consumers to choose services that better suit their needs. For small businesses, the CDR will drive productivity and growth. It will allow small businesses to leverage their data more effectively for various purposes, including securing loans and managing the most important thing for small businesses, which is cash flow. Importantly, the bill also places a strong emphasis on data security and privacy, which is crucial in the current environment, where data breaches are of significant concern. Given the potential benefits for consumers, small businesses and the overall economy, I respectfully ask,' says the correspondent, 'that this bill be given proper attention and consideration and pass the Senate without delay.'

The coalition is pleased to be supporting this bill today. But it would be remiss of me not to draw the Senate's attention to an important issue, and that is delay and obfuscation. This bill spent just three months in the House of Representatives—just three months; November, December, January, February. Over the Christmas period, it passed efficiently, prudently, through the House of Representatives. So industry stakeholders are right to ask: why is it that it has taken 17 months for this bill to come to a vote in the Senate today? Seventeen months!

Some—I, Senator Davey and other coalition senators—would argue that nothing demonstrates more the tardiness with which the government is approaching productivity and competition issues than this bill. For 17 months it has languished here, and those who have been paying close attention will know that just last month the government pulled it from its legislative program. So the competition benefits that this business owner has written to me about may very well have been not achieved, not realised, for months—possibly even for years. That is the government's commitment to productivity gains and competition improvements in the Australian economy: zilch.

I remind the Senate that, with the support of the Australian Greens, a notice of motion in the last sitting week of this place took the bill from oblivion—remember that the government had taken it off the agenda, off the legislative program, and, with the support of Greens and of other senators, it was put back on, which is why we are here today. The coalition won't be accused of delay and obfuscation.

I will only make one last comment. In discussions with stakeholders over the last few weeks, the coalition has been alert and paying attention to some of the concerns and hesitations that have been raised with it. That's actually not a surprise. In the Senate Economics Legislation Committee report, coalition senators said:

Coalition Senators believe that extensions to the scheme need to be carefully considered to ensure the implementation of the scheme is done properly. This will ensure this policy is successful.

We continue to agree with those remarks in the report of the Senate Economics Legislation Committee. So all stakeholders across the CDR landscape can have great confidence that the coalition will approach this diligently, with an open mind and in good faith. They are characteristics that the government cannot claim to have characterised their actions and engagement on this particular issue.

I commend the bill to the Senate and hope that it can pass, without unnecessary delay, shortly.