Open banking is here. From July 1, Aussies will have the ability to share their data with providers other than their own and potentially lock in better offers on their everyday banking products.
And it looks like the energy market is also set to get an upgrade, as the Australian Competition and Consumer Commission (ACCC) is currently working on a new set of rules that would allow energy customers to guarantee themselves the best deal on the market.
Similar to open banking, the Consumer Data Right grants customers access to their energy data held by their retailer and gives them the power to share it with other providers in the market to lock in a more competitive deal.
"The Consumer Data Right is an important reform that will help consumers get a better deal," said Energy Minister, Angus Taylor.
"Giving people rights over their data will make switching easier and allow consumers, or their third party advocates, to drive even better deals with energy companies."
The ACCC is expected to release its proposal idea on the initiative soon and provide detail on how the Consumer Data Right will operate within the energy industry.
Energy market shake-up
While the Consumer Data Right will give households greater control over their energy bills, other energy customers will also be given the opportunity to make a difference to energy prices.
In early June, Mozo reported on the wholesale demand response scheme that is expected to launch in October next year.
Under the wholesale demand response scheme, participating large energy users, such as farms or factories will reduce their electricity consumption during peak demand periods in exchange for a credit on their energy bill.
You can read all about the initiative by checking our wholesale demand response guide.
Or if you’d like to make the switch to a better value offer, head on over to our energy comparison tool to compare plans available in your area.