New laws to protect struggling Aussies
The AAP reports that the new laws will include tougher rules to clamp down on dodgy lenders who offer products that Aussies cannot afford.
"As well as making the consumer credit system fairer, more consistent and more workable, the new regime will significantly improve the effectiveness of protection for consumers," said finance minister Mike Bowen, speaking to parliament.
The rules will also require lenders to apply for a consumer credit licence under a new initiative run by the Australian Securities and Investment Commission.
The Labour government has been working hard to plug the gaps in Australia’s retail market since the economic crisis struck and has introduced a raft of measures such as bank savings accounts and bank term deposits to provide people with a guaranteed way to keep their money safe.
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