Business
Frydenberg’s move to dump lending laws ‘shortsighted’, consumer groups say – The Guardian
Warning treasurer’s decision will green-light repeat of ‘harrowing’ stories revealed at banking royal commission
Josh Frydenbergs decision to dump laws requiring banks to meet responsible lending standards will enable a return to the kind of misbehaviour that sparked the Hayne royal commission, consumer groups say.
The treasurer on Thursday bowed to behind-the-scenes lobbying by the banks and said he would revoke the laws, which require lenders to make an effort to figure out whether would-be borrowers can afford to repay their debt.
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