News

‘The banks are going to be the winners’: Consumer advocates launch last-ditch attempt to stop the government from axing responsible lending laws

Vulnerable borrowers will be harmed if Australia axes its responsible lending laws, consumer advocates say. Speaking at a Senate committee hearing on Friday, CHOICE CEO Alan Kirkland said the “consequences will flow to individuals.” Treasurer Josh Frydenberg announced plans to loosen credit restrictions last year, saying unrestrained borrowing would bolster […]
‘The banks are going to be the winners’: Consumer advocates launch last-ditch attempt to stop the government from axing responsible lending laws
Markets

‘Disaster written all over it’: Watering down lending laws will see banks trample customers for profit, consumer advocates warn

Consumer advocates have sounded the alarm over the Morrison government’s planned changes to wind back responsible lending laws. Some slammed it as “a short-sighted fix”, putting individuals at risk of becoming over-leveraged in a “flailing economy”. Others questioned whether the government had not learnt the lessons of the Hayne Royal […]
‘Disaster written all over it’: Watering down lending laws will see banks trample customers for profit, consumer advocates warn
Makes Cents

The Australian government has announced it will wind back responsible lending laws, making it easier to access credit

The federal government is loosening credit restrictions in an attempt to encourage lending. On Friday Treasurer Josh Frydenberg announced the responsible lending laws would be would back, having become “an overly prescriptive, complex, costly, one-size-fits-all regime”. There is some anxiety over the consequences of encouraging greater lending during a recession. […]
The Australian government has announced it will wind back responsible lending laws, making it easier to access credit