Introduction
I would like to acknowledge the Wurundjeri people of the Kulin Nation as the traditional custodians of the land on which we gather today.
I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.
Thank you to Sarah, Rehan and the team at FinTech Australia for the opportunity to open your event and share some remarks.
I know I am in the company of friends when I say that the digitisation of the economy has changed our world and brought many benefits.
It has opened new markets.
Generated productivity gains.
And changed the way we work and live.
Many attendees and speakers at this conference are at the frontier of pushing what is possible.
To make it easier to buy and sell.
To make it safer to communicate and share information.
And to address frictions and reduce time‑consuming tasks.
And the government wants to encourage, unlock and spread the benefits of the digital economy.
But we also need to acknowledge that there are areas of vulnerability that can lead to consumer harm.
Big tech companies increasingly wield significant market power.
This has sparked debate about how countries uphold sovereignty.
It is my unwavering view that it must be the people through the Parliament of the day that determine the laws of our land.
And obedience to those laws is the entry price for operating in Australia.
This needs to be upheld.
It is also important that consumers get good outcomes in a fair and innovative marketplace.
So we want to support genuine competition that delivers a consumer centric economy.
Technology has also meant that consumer security must evolve.
Because data is the essential commodity of the digital economy.
And consumers need to be able to trust that government and business will protect their data and keep it secure.
We have seen the loss that accompanies this trust being breached.
If this trust is broken across the economy, consumers will withdraw from the mode of the modern economy.
And this will impact everyone.
So to enjoy the benefits and opportunities of the digital economy we need well‑functioning markets.
Corporate responsibility.
And digital security.
A whole‑of‑government effort to keep consumers safe
This is why the Albanese Government has a significant program of work underway to keep consumers safe.
So that we can all share in the benefits of better services, more choice, and safer systems in the digital economy.
Privacy concerns are front of mind for Australians given episodes of cybercrime, data breaches, fraud and scams.
Which is why we are looking at the way businesses store data –
What data they collect.
Why they collect it.
How they store it.
And how long they need it.
The review of the Privacy Act seeks to bring it into the digital age.
It will impose higher standards on business to ensure they are keeping customers’ data safe.
Our Digital ID System establishes a simple and secure means for consumers to verify their identity.
This makes it safer and more convenient for consumers.
And it reduces the quantity of data that businesses and government need to hold.
Our ³Ô¹ÏÍøÕ¾ Cyber Security Strategy is helping to strengthen our resilience across the economy.
And improving our defence against cybercriminals.
Our legislation to combat harmful misinformation and disinformation will hold digital platforms to account for the content that is spread on their sites.
This will keep Australians safe from seriously harmful false information.
We are also modernising the payments system.
So that it is safe and trusted.
And drives innovation and productivity.
All of these initiatives are designed to ensure that there is trust in our digital infrastructure.
Enhancing competition in the digital economy through the CDR
But we also want to unlock and enhance the consumer benefits of a digital world.
And ensure that these benefits are shared widely.
There is a huge opportunity for new players to disrupt the status quo through the use of consumer data.
Businesses have been quick to recognise the value of consumer data.
Yet consumers haven’t been able to extract the same value to date.
Unlocking the value of data can drive competition and foster innovation.
Which leads to better outcomes for consumers.
I recently announced a reset for the consumer data right.
It is a good idea, executed badly by our predecessors.
The compliance costs have been high.
And the consumer uptake is low.
The government believes in the right of consumers to access and unlock the value of their data.
But we need to do things differently to justify the substantial public and private investment in the CDR.
Key to this is reducing costs.
So we will streamline the way consumers and small businesses engage with the CDR.
And reduce the compliance costs of engaging with the CDR.
It is also clear that we need to ensure the CDR is consumer‑focused and delivering genuine value.
This is why I want to focus on unlocking use cases that consumers want and find valuable.
Consumer finance and borrowing is at the top of the list.
The CDR has the potential to help consumers get a complete picture of their financial position and chart a way forward.
It can also reduce unnecessary friction and help Australians find better deals to support home ownership.
With the CDR now implemented in the energy sector, there is an untapped potential to deliver better outcomes for consumers in this market.
Shopping around currently requires an investment of time and research.
Innovative companies are starting to leverage a consumer’s data through the CDR to make it quick and easy to switch to a better deal.
This will be particularly valuable in areas of non‑discretionary spending to ease cost‑of‑living pressures.
There is also opportunities to bring down costs on small businesses, particularly in the area of accounting and other financial services.
We continue to encourage industry to bring forward specific use cases and identify barriers to adoption.
The CDR will also expand to non‑bank lending data early in the new year with the intent to be operational by the middle of 2026.
The use of CDR in non‑bank lending provides opportunities for better value for money for consumers.
And complements our reforms to Buy Now, Pay Later products.
It will also help industry move away from dangerous tools like screen scraping.
All of this is aimed at driving competition, innovation and better outcomes for consumers and small business.
Protecting Australians from the threat of scams
However, it wouldn’t be a complete strategy without addressing the threat of scams.
Because the risk of financial loss –
And the risk of consumers losing trust in the digital economy –
Is most acute in the face of scams.
And there has been work to do.
Under the previous government, scam losses doubled and doubled again in their final 2 years of government to exceed $3 billion.
We have arrested this slide by taking decisive action.
Our first step was to establish the ³Ô¹ÏÍøÕ¾ Anti‑Scam Centre.
This is a world‑leading asset in consumer protection.
It brings together the expertise of government, law enforcement and the private sector to share information that is critical to preventing scams.
It’s working.
In 2023, scam losses fell for the first time since 2016.
But losses still reached $2.74 billion.
So there is more to do.
And that’s where our second phase comes in.
Last week, I released our Scams Prevention Framework.
This legislation will allow the government to designate a sector in the ecosystem –
And then create a sector‑specific code of obligations for institutions in that sector to take strong actions to deter and prevent scams.
If an institution breaches its code, then there will be pathways for victims to seek redress, including compensation.
Initially, we will designate and develop codes for the banks, telecommunications companies and social media platforms.
This attacks the primary areas that the criminals operate in.
Because we are committed to making Australia the toughest target in the world for scammers.
Conclusion
This is how we instil trust in the digital economy.
Through a coordinated policy agenda to lift standards and consumer protections across the economy.
We want to help keep Australians’ money safe.
Ensure the economy works for them, and not the other way around.
And ensure the benefits are shared by all.
