Law passes for easier loan, phone changes

Banking, energy and telecommunications customers will be able to compare and switch deals more easily after new laws passed parliament.

It will be easier to change home loans and credit cards under the measures which will also apply to power, internet and phone companies.

The laws also give consumers more control over their data.

The four big banks voluntarily began the first stage of the consumer data control at the start of July, with the legislated changes due to begin in the industry from February next year.

Prime Minister Scott Morrison said the consumer data right would revolutionise the way consumers and small businesses use their data.

"The news laws are a game changer for Australians," he said in a joint statement with Treasurer Josh Frydenberg and assistant minister Jane Hume.

It will be regulated by the Australian Competition and Consumer Commission and the Office of the Australian Information Commissioner.