Opening Statement to Senate Economics Legislation Committee

13/03/2020

Some of the proposed changes contained in Bill No.2 will further disadvantage financially excluded Australians, with the unintended consequence of increasing the cost of a small loan, or worse still, forcing consumers to consider using financial products that don’t offer the same protections that current SACC legislation provides.
 
Legislation (or any amendment to it) is not fit for purpose if it makes credit more expensive and less flexible for financially excluded consumers, and at the same time impinges on that consumers right to be in control of their finances.
 
An important consideration for the Committee is where these consumers will obtain credit from if not from highly regulated, responsible lenders in th is sector.
 
The practical and social impact of such outcomes is highly relevant in a public policy context.
 
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