Senator COONAN (9:05 PM) —I do not need to delay the chamber very long in relation to these amendments. We will be supporting the government’s amendments as raised in the Senate Economics Legislation Committee report. I just want to take a moment to commend that very hardworking committee and the secretariat for all the very hard work they do.

This report, of 7 September 2009, identified a number of matters whereby these bills could be enhanced, and the government has, I am pleased to say, taken up those amendments. I will just mention the substantive elements. Amendments (14) and (15) were based on recommendation 6 in the report, and we agree that it is important that credit providers must undertake their own verification of whether a loan should be responsibly extended to a consumer. Amendments (17) to (19) are based on recommendation 8 in the report, and we do consider that it is important that consumers should be able to seek remedies and compensation for loss suffered as a result of a contravention of responsible lending provisions, regardless of whether a civil penalty is declared.

Finally, in respect of amendments (31) to (34), that have been based on recommendation 11 in the report, we are of the view that where a hardship application is rejected by a credit provider the lender should be required to provide in writing the reasons for the rejection. There are a raft of amendments of a technical nature and in respect of a timetable implementation. Obviously, I did not need to go into all of them. There has also been a foreshadowing of new regulations, and we are certainly interested to see what they will provide. These are, however, important amendments dealing with the timing and operation of the bill, particularly in terms of the start date for the national consumer code and responsible lending provisions for non-ADIs, and registration. I am very pleased to say that we will be supporting these amendments.

Question agreed to.