Business
Consumers lash ‘responsible lending’ rollback – The Australian Financial Review
Consumer advocates have slammed the Morrison government’s proposed credit regulation reforms, claiming it will get more Australians into debt they can’t afford. Labor is lukewarm on the changes that won’t start until March.
Treasurer Josh Frydenberg on Friday unveiled “the most significant reforms to Australia’s credit framework in a decade” in a bid to reduce red tape for lenders and increase the flow of credit to consumers and businesses amid the coronavirus pandemic.
The changes mean the Australian Securities and Investments Commission will be removed from enforcing responsible lending laws for banks, with the Australian Prudential Regulation Authority to police lending standards.
Consumer groups said the move…
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