The Government introduced its consumer data right bill yesterday but consumers will have to wait for "the instrument designating the sector" before they know exactly what information they can get from their bank or telco.The new right, set out in Treasury Laws Amendment (Consumer Data Right) Bill 2019, is designed to allow consumers and business to access information held by businesses about the transactions they have been involved in. It authorises accredited third parties and "gateways" to provide access to the data.The Government's aim is to give consumers more control over their transaction information, leading to more choice in where they do business and more convenience in managing financial and other services.The Government has said it will apply CDR to banks, energy companies and telcos initially and then across the economy. CDR as it relates to banking is referred to as Open Banking.CDR should reduce the barriers that prevent consumers from shifting between service providers. Consumers will be able to direct that their data be shared with other providers.The Government also believes the introduction of CDR will open up business opportunities "as new ways of using data are created", according to the information memorandum accompanying the bill.The system will be regulated by the Office and the Australian Information Commissioner and the Australian Competition and Consumer Commission. Part of the ACCC's role will be to designate new sectors of the economy for inclusion in CDR.A data standards body will be established to help develop formatting and data processing standards for the provision of data to consumers and accredited third parties."The type of information consumers are able to request will be established through the instrument designating the sector, as well as clarification of this through the consumer data rules made by the ACCC," the information memorandum says.The Government has indicated previously that the banking sector will be designated as the first sector to which CDR applies.KPMG Australia head of banking and global fintech co-lead, Ian Pollari, says passage of the bill will give banks, fintechs and others greater certainty about investing in the area."There is, however, a lot of work still to be done from a rules, standards and implementation standpoint. In parallel, consumer education and awareness will also be critical."