Submission on the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020

CPRC’s submission outlines our position opposing the proposed amendments to responsible lending laws. Our COVID-19 research found a growing proportion of consumers have taken out a new loan or refinanced an existing debt during the COVID pandemic, even with the existing responsible lending laws. Our survey also recorded rising pay-day loans – particularly among young people. Weakening responsible lending obligations may expose already indebted and vulnerable consumers to unsustainable lending practices resulting in crisis.