TIME’S UP FOR PAY DAY RIP OFF MERCHANTS

Labor’s Madeleine King and Milton Dick have today introduced a Private Member’s Bill to the parliament addressing the scourge of pay day lending and consumer lease rip offs.

 
It is 811 days since the Coalition Government accepted the recommendations of the Small Amount Credit Contracts review to stop pay day lending and consumer lease rip off merchants.
 
It is 482 says since the Coalition Government released draft legislation to protect Australian consumers.
 
This is the same bill first drafted by the government in 2017, accepted by Cabinet and then scuttled by bitter divisions within the Coalition party room, and successive ministerial reshuffles. 
 
This important legislation will protect those in financial hardship from being squeezed by unfair loan arrangements and rip-off rental agreements that they simply can’t afford.
 
Prior to being ousted by his own party, former Prime Minister Malcolm Turnbull declared in July 2018 that this legislation would be brought before the House by the end of 2018 to protect vulnerable consumers. The Liberals failed to keep this promise.
 
Then Assistant Treasurer Stuart Robert assured Labor last year - in writing - that he would move on this issue once the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry delivered its final report.
 
The Coalition Government has had the Royal Commission’s report for 18 days and despite this, the Assistant Treasurer is still yet to offer any policy response for Australians in financial stress being swept up in spirals of debt due to these pay day lending rorts.
 
Labor is fed up with broken promises, dysfunction and delay from the Liberals. It’s time for the Liberals to front up and pass this bill through the Parliament.
 
Labor calls on the government as well as the independent crossbenchers to support this legislation as a matter of urgency to protect vulnerable Australian consumers.