Breakthrough reforms to keep credit flowing

Breakthrough reforms to Australia’s national consumer credit laws will help ensure much needed activity can continue to sustain jobs and create new ones as we emerge from the pandemic, Business Council chief executive Jennifer Westacott said.

“Credit is the lifeblood of a growing economy and it will be critical to creating the jobs we need to recover.

“A strong banking and finance system has been critical to our success through the COVID-19 crisis and we must ensure that the system remains strong into the future to secure our recovery. 

“Changes announced today get the balance right to protect consumers and ensure those that need it can get credit, invest in their homes and businesses and grow.

“These changes will ensure that small businesses can access credit and that means they can plan and prepare for the future.

“Crucially, these changes remove unnecessary duplication and include strong new protections against predatory behavior from some debt management firms.

“We look forward to working with the government on the details of these proposed changes.”