Joint consumer submission (Ied by Financial Rights Legal Centre) in response to the above discussion paper, which in turn came from a Roundtable hosted by the Attorney-General in March 2023. We argue that the forced bankruptcy threshold should increase from $10,000 to $50,000, that the bankruptcy notice period be extended to 60 days, that the National Personal Insolvency Index be modernised and harmonised with the credit reporting framework, that entering a debt agreement should not be an act of bankruptcy and that the payment to income ratio for a debt agreement should be set by legislative instrument to mitigate against people entering into unaffordable agreements.
Response to the “Personal Insolvency Discussion Paper”
Related Projects
Submission to Treasury – Review of Tax Regulator Secrecy Exceptions
Tax secrecy laws are important for protecting people’s private financial information and keeping
Australia’s tax system secure. However, the current rules under the Tax Administration Act 1953 (TAA
1953) are making life harder for grieving families trying to access a loved one’s superannuation. This submission outlines issues we see in tax and super systems.
Submission to the Code Governance Committee – Monitoring and Compliance Priorities Consultation
This document outlines feedback on the Code Governance Committee’s priorities for monitoring compliance with the General Insurance Code of Practice. We appreciate the CGC’s
focus on key issues impacting consumers and financial counsellors. We outline several recommendations to improve insurance outcomes for consumers.