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The announcement from the Australian Government that the Open Banking Review recommendations will be implemented will rigorously transform the financial services and banking industries by driving competition between banks to provide quality customer services and outcomes.

Open Banking is only the first part of the Consumer Data Right framework in Australia with the Treasury and the Australian Competition and Consumer Commission (ACCC) already proposing to extend the framework to cover the energy and telecommunications sectors. So it is important for other sectors of the Australian economy to view the Open Banking

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