Financial counsellors, community legal centres and support organisations reiterated to Labor the urgency of reforms to laws regulating payday lending and rent-to-buy schemes, at a roundtable in Palmerston last Thursday.
The consultation, convened by Member for Solomon Luke Gosling and attended by Shadow Minister for Consumer Affairs, Tim Hammond MP, included representatives who worked directly with vulnerable consumers of Small Amount Credit Contracts (SACCs) and consumer leases to assist them in regaining control of their finances.
Roundtable participants shared anonymised accounts of some of their clients’ experiences of being ripped off by payday lenders and rent-to-buy operators, including:
In November 2016 the Turnbull Government committed to a suite of reforms in response to the SACC Review, promising to introduce legislation in 2017.
The Government released a consultation draft of the bill in October 2017, but to date they have not introduced the bill, despite it being approved by Cabinet and having bipartisan support.
“Vulnerable consumers have waited long enough for the Government to act to implement the reforms to SACC laws,” said Mr Gosling.
“That’s why today, I will be backing Tim Hammond when he introduces the Government’s own consultation bill as a Private Member’s Bill.”
The Government must bring this bill on for a vote, and they must support it, given it is their own bill.
MONDAY, 26 FEBRUARY 2018
Summary of the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2018:
Amends the National Consumer Credit Protection Act 2009 to: