We can expect greater choice and potentially lower prices in banking and electricity services, thanks to new legislation introduced by Commerce and Consumer Affairs Minister Andrew Bayly.

The Customer and Product Data Bill, which had its first reading, aims to improve regulation of digital markets and create a more competitive environment.

Bayly emphasised that competitive markets boost productivity, create employment opportunities, and lift living standards.

The Bill lays the foundation for 'open banking,' making it easier for innovative start-ups to compete with traditional banks.

This could lead to more competition and lower prices for Kiwi customers.

Additionally, 'open electricity' has the potential to enable considerable customer savings by making it easier for households to measure their power use, compare pricing, and swap providers.

The Bill improves data privacy standards, is entirely opt-in, and has the support of the Privacy Commissioner.

New Zealand is catching up with international counterparts like Australia, the UK, and the EU, which have or will soon have similar consumer data regimes.

As Bayly noted, "It's time we harnessed the benefits of the modern, digital economy."