The case for accelerating open banking reform
Expanding CDR to non-bank lenders is a vital next step in unlocking better financial outcomes, argues WeMoney founder Dan Jovevski.
The recent announcement that the government will expand the open banking Consumer Data Right (CDR) regime to include non-bank lenders by mid-2026 is a welcome step in the evolution of this transformative piece of economic infrastructure. It also lands at a time when the cost-of-living crisis looms large, with recent federal budget measures aimed squarely at easing household pressures.
While CDR didn’t feature prominently in the budget, further leveraging it could amplify the impact of these initiatives — helping Australians access better financial products, lower repayments and ease household budget constraints.
The decision to expand CDR to non-bank lenders reminded me of a moment from 15 years ago, during my time as a lending consultant at a major bank. I was sitting in Tim and Mary’s living room. They’d just finished work, wrangling kids and trying to get dinner on the table — and now had to spend 90 minutes going through a 45-page mortgage application just to refinance their home loan and consolidate a few debts.
They really didn’t want me there. And I didn’t blame them. Why was managing our money so convoluted and time-consuming?
