Australia's banking sector will come under review in a bid to work out the best way to set up an open banking regime.
Treasurer Scott Morrison says Scott Farrell, partner at King and Wood Mallesons, will lead the review.
The open banking system was a federal budget measure, Mr Morrison told the Economic and Social Outlook Conference in Melbourne on Thursday.
"That will give customers ownership of their financial data and reduce the cost of banking products," he said.
"It will empower customers to seek out products better suited to their needs, saving money and allowing them to achieve their financial goals."
Mr Farrell will give the Turnbull government advice on implementing the open banking system in Australia and his report is due by the end of 2017.
As well as announcing the review, Mr Morrison used the speech to continue selling his May budget.
Data shows market confidence was picking up and that growth in the economy would drive investment and jobs, he said.
"This is not some pipe dream or mirage on the horizon, it's not a line, it's not a slogan, but it's an emerging picture that I think can give us confidence," he said.
The budget would return to surplus, he vowed, and for the first time in a decade, debt won't be used to pay for pensions, welfare, health and education.
His budget put an end to Labor's "reckless spending", the country was "living within our means" and budget repair measures had successfully passed despite critics saying this parliament would be unworkable, he told the dinner.
Earlier on Thursday, Shadow Treasurer Chris Bowen told the conference Labor would not save surprises for the budget.
Governments at both the state and federal level had too often revealed their budget plans after an election, he said.
"This eats away at the credibility and support for our political institutions," Mr Bowen said.
"It means governments struggle to claim the moral authority to implement their changes because they didn't have the courage to be honest about them before an election."
