Mr Morrison flagged the intention to extend the pending consumer data right (CDR) legislation (which enables open banking) to other sectors like telecommunications providers and energy retailers.

Despite the delays, the founder of financial data firm Basiq, Damir Cuca, said open banking and more broadly the CDR laws would be phenomenal for consumers.

"One way to look at it is if you're applying for a home loan, it will be much easier. A lender will be able to assess your risk profile based on your data and be able to get a better deal for you if you're in the lower tiers," he said.

"In the past, none of that's been possible. It's shifting the balance of power to the consumer.

"There is a concern that we won't make all the deadlines along the way, but I'm confident the desired outcomes will be reached."

For the full story head to the Australian Financial Review.