McKim National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms)
Senator Nicholas McKIM Senate Speech 9 Nov 2020 (Tasmania—Deputy Leader of the Australian Greens in the Senate) (10:39): The National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2) effectively copies, word for word, the government's 2017 draft bill to better regulate payday lending. Of course, we do need to better regulate payday lending in order to protect people from rapacious lenders and, on that basis, the Australian Greens will be supporting this legislation. Unfortunately, after releasing a draft bill in 2017, the government walked away from any reform of payday lending, until it decided to include a new set of reforms for payday lenders in its recently announced package. Again, unfortunately, the government's recently announced package basically blows up the entire system of consumer credit protection in this country so that the banks can continue to profit at the expense of the lives of so many Australian...