A move to allow consumers to lower their internet and phone bills through Consumer Data Right could next include the superannuation sector.
The Consumer Data Right allowed consumers to control the use of their data by trusted third parties so they could compare products and find a better deal.
This currently applied to banking, energy and telecommunications but there were plans for it to be expanded to financial products.
Senator Jane Hume, minister for financial services, superannuation and the digital economy, said the next stage would be Open Finance which would allow consumers to compare and save across a range of financial products, including superannuation and general insurance.
“Open Finance paves the way for the creation of new and innovative services such as personal finance and life administration apps to take the time, cost and complexity out of everyday tasks and big financial decisions for consumers,” she said.
“For example, with a consumers’ consent, an accredited budgeting app could provide the consumer with access to services based on data shared from their bank, energy or telecommunications provider, as well as information and insights relating to their general insurance, non-bank lending or superannuation.
“This could help consumers achieve savings goals, get better deals and change their consumption behaviours to better suit their lifestyle and needs.”