MEDIA RELEASE – GOVERNMENT THROWS VULNERABLE FAMILIES TO THE LOAN SHARKS

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MEDIA RELEASE – GOVERNMENT THROWS VULNERABLE FAMILIES TO THE LOAN SHARKS

Next week when Parliament returns it will have been three years and five days since the Turnbull Government heralded a review into payday lending but 1101 days later vulnerable consumers are still being thrown to the loan sharks.

Yet again the Turnbull Government is refusing to introduce its own payday lending legislation to Parliament which would protect consumers from soaring interest rates and skyrocketing fees, instead leaving cash-strapped families at the mercy of unscrupulous lenders.

Scott Morrison continues to protect these dodgy payday lenders and rent-to-buy scheme operators by refusing to introduce the legislation.

In the meantime, Australians are forced into payday loans and face skyrocketing fees and interest rates. At a local roundtable on payday lending reforms earlier this year in Palmerston, we heard of one payday loan client who borrowed $150 and was told within six weeks by a payday lender to repay over $1000.

Labor calls on the Government to introduce this important piece of legislation so that vulnerable consumers, who may be forced into a payday loan, are not ripped off.

FRIDAY, 10 AUGUST 2018