GOVERNMENT DELAYS PAY DAY LOAN REFORMS UNTIL 2020

The Turnbull Government has announced further delays to changes to pay day loans that were recommended over year ago, leaving vulnerable Australians to continue getting ripped off on loans that often plunge them further into debt.

 

At the same time that the Minister for Small Business was trumpeting the Government’s year old promise to reform current laws saying the legislation is “something to look out for”he also announced that any reforms would have a further 12 month commencement delay after passage through the Parliament. 

 

Labor has been calling for the legislation to come forward for more than a year now but all we have seen is inaction and empty rhetoric from the Turnbull Government on small amount credit contracts.

 

If this Government was serious about protecting consumers from dodgy lenders and unfair consumer leases it would have produced legislation as a matter of urgency following expert recommendations handed to the Government more than 18 months ago.

 

Malcolm Turnbull and his Government just can’t be taken seriously on protecting vulnerable consumers, whether it be overdue changes to credit card laws or small amount credit contracts.

 

The Prime Minister has had 15 sitting weeks to introduce the legislation over the past 11 months, but has failed to deliver on his Government’s own promise.

 

Next week provides another opportunity for the Minister to introduce small amounts credit contract legislation to the Parliament so we can stop ‘looking’ for the reforms and start protecting consumers from the rip-offs that will reforms will deliver.