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Thursday, 29 November 2018
Page: 12085


The following notices were given:

Ms M. M. H. King: to present a Bill for an Act to amend the National Consumer Credit Protection Act 2009, and for related purposes. (National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2018)

Ms M. M. H. King: to move:

That this House:

(1) notes that:

(a) the Government:

(i) established a panel to review the Small Amount Credit Contract (SACC) laws on 7 August 2015, which provided its final report to the Government on 3 March 2016; and

(ii) released its response to the SACC review on 28 November 2016, in which it agreed with the vast majority of the recommendations in part or in full;

(b) the then Minister for Revenue and Financial Services, the current Minister for Industrial Relations, Jobs and Women, said at the time that ‘the implementation of these recommendations will ensure that vulnerable consumers are afforded appropriate levels of consumer protection while continuing to access SACCs and leases’;

(c) the Minister claimed in an interview on Lateline on 28 February 2017 that Treasury was drafting legislation to implement the review’s recommendations;

(d) a consultation draft of SACC legislation was published by Treasury on 23 October 2017 but was only open for comment for two weeks; and

(e) it has since been 1,209 days since the commencement of the SACC review, and 729 days since the publication of the final report;

(2) acknowledges that consumer credit contracts and consumer leases have been shown to cause unnecessary hardship to vulnerable consumers, and that the Parliament should act to protect vulnerable consumers;

(3) recognises that the delay in introducing legislation for consideration by the Parliament, to implement the SACC review recommendations, results in unnecessary continuation of hardship to vulnerable consumers and their families; and

(4) calls on the Government to introduce legislation, for consideration by the Parliament, to implement the SACC review recommendations as a matter of urgency.