Submission – Independent Review of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO)

Submission to: Senate Select Committee on the Cost of Living
This submission describes the cost of living pressures facing people seeking financial counselling support, which is showing up in increasing demand for financial counselling. The rising cost of living has a disproportionate affect on people with the least economic resources. The submission recommends further increases in the rates of JobSeeker and pension payments to prevent poverty, reviewing the supermarket unit pricing code to help people make informed shopping choices, regulation of Buy Now, Pay Later providers and wage advance products under the credit laws, waiving of persistent credit card debts by financial institutions and adequate funding for financial counselling.

Submission to: Senate Economics Legislation Committee
Joint submission response to proposed legislation to BNPL laws addressing Schedule 2 of the Bill.  If passed, it would regulate BNPL as a low cost credit product (LCCC) under the National Consumer Credit Protection Act 2009 (NCCPA).  It would also apply key protections to BNPL that are fundamental to safe access to credit, and bring these protections closer to what is mandated across the regulated credit industry.