Submission to: Senate Economics Committee Legislation first proposed by the Federal Government in October 2017 in relation to payday loans and consumer leases must be introduced urgently. People need strong consumer protections when using these high cost and potentially harmful products. The urgent reform needed is to cap the amount that a person can repay at 10% of net income.
Submission to: Treasury Financial counsellors strongly oppose the Government’s proposals to wind back Australia’s responsible lending laws. The draft legislation is fundamentally flawed and not capable of adequate amendment to address our concerns.