STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
SENATOR JENNY MCALLISTER
SHADOW CABINET SECRETARY
SHADOW ASSISTANT MINISTER TO THE LABOR LEADER IN THE SENATE
SHADOW ASSISTANT MINISTER FOR COMMUNITIES AND THE PREVENTION OF FAMILY VIOLENCE
GOVERNMENT SENATORS IGNORE EVIDENCE AND FAIL TO STAND UP FOR VULNERABLE CONSUMERS
Liberal and Nationals senators today ignored substantial and compelling evidence and failed to back their own government’s legislation to provide better protection for Australians who take our small amount credit contracts and consumer leases.
The Senate Economics Legislation Committee report into the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2) presents a damning picture of government inaction and a mountain of evidence of the harm done by these financial products. Despite acknowledging these harms, Government senators have not recommended that the legislation be passed.
This legislation - introduced by Senators Jenny McAllister and Stirling Griff - replicates exposure draft legislation that was released for consultation by the Government in 2017.
For more than two years, instead of implementing these measures, the Government has failed to act.
While the legislation stalled, hundreds of thousands of people have been exposed to financial products without adequate protection from harm.
The committee report chronicles a litany of failures of the current regulatory environment, including harrowing examples of exploitation of low-income earners and First Nations people.
Quotes attributed to Stephen Jones MP
“With nearly a million Australians unemployed, and in the deepest recession in almost 100 years, the need for reform is only greater and more urgent.
“It’s clear that Australians can’t bank on the Morrison Government to deliver needed reforms to small amount credit contracts and consumer leases.”
Quotes attributed to Senator Jenny McAllister
“Liberal and Nationals senators had the opportunity to meaningfully respond to the overwhelming evidence presented to this inquiry. Disappointingly, they have chosen inaction.
“Their inaction will have consequences for vulnerable Australians. The time has come to deliver small amount credit contracts and consumer lease reforms. There should be no more excuses or delays.”