Financial hardship can affect almost anyone. However, severe and ongoing debt problems are an inevitability for Australians whose incomes are simply too low to meet the cost of living.
The intractable maths of low income earners' family budgets pushes them towards the marginal credit products such as payday loans, consumer leases and debt management firms. This report argues that government can and should improve the terms under which these products are offered.
This report focuses on a number of key issues in the current consumer protection system. The list of key issues is not intended to be comprehensive; rather, the report provides a 'snapshot' of concerns raised in evidence about consumer protections, or the lack thereof, in...
The credit card market offers consumers a wide range of options when choosing a card. While many factors may influence this choice, this paper focuses on the main financial costs and benefits of holding a credit card.
The Australian Energy Market Commission (AEMC) has made a draft rule to help customers who are having trouble paying their bills due to hardship. The rule aims to improve retailers’ hardship policies so customers can better understand their rights and get the help they need...
This consultation paper is for Australian credit licensees that are credit providers or that provide credit assistance, as well as other interested parties. It seeks feedback on proposals for the prescribed period to be used when assessing whether a credit card contract or credit limit...
This report discusses the findings from ASIC’s review of credit card lending in Australia between 2012 and 2017. In particular, it looks at consumer debt outcomes over this period, the effect of balance transfers, and the operation of key reforms for credit cards that commenced...
This discussion paper summarises MBIE’s findings from the review of the Credit Contacts and Consumer Finance Act 2003 (CCCFA).
Reforms are being introduced to improve the efficiency and level of competition in consumer lending, with a goal of driving better pricing, enhanced access to finance and new products and services.
This background paper provides an overview of consumer credit protection law and regulation in Australia and an analysis of the interaction between the regimes.
This report presents the findings of our surveillance under s912E of the Corporations Act of six credit rating agencies in Australia. The surveillance period was 1 January 2016 to 31 October 2017.
This report provides an overview of the marketplace lending industry, based on the findings from ASIC’s survey of a limited cross-section of marketplace lending providers in November 2016.
Alternatives to cash are a relatively recent development in Asia Pacific. The most common are credit cards or debit cards, both of which have been subject to fraud. Electronic payments can now replace cash for most transactions and it is this move to e-wallets that...
This audit examined the credit card policies and procedures, training activities, and monitoring and control arrangements of the Australian Public Service Commission, the Fair Work Ombudsman and the Department of Immigration and Border Protection.
For the purposes of the Public Governance, Performance and Accountability...
The Government has released the Final Report of the independent Review of Small Amount Credit Contracts (SACCs) for consultation. The Final Report made twenty-four recommendations relating to the SACC and consumer leasing laws.
The Government is also consulting on whether the recommendations relating to...
VULNERABLE CONSUMERS MUST BE PROTECTED FROM UNSCRUPULOUS BOOK UP OPERATORS
While acknowledged as a necessary service with numerous benefits, particularly for those living in regional and remote areas, 'book up' (an informal credit provision offered by stores or other traders to Indigenous customers)...
REIA is firmly of the view that the size of deposit covered by the Financial Claims Schemeshould not be reduced from its current level of up to $1 million per depositor per authoriseddeposit-taking institution.
This report explores one aspect of the consumer credit sector: payday loans. Payday loans are a ‘fringe’ credit product, operating outside the mainstream credit sector.
In this report they are defined as loans that are small (no more than $1,000 but typically less than...