National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020
TasCOSS strongly opposes the Bill and calls on our Parliament to vote against the Bill in its entirety. Our key objections to the Bill are that it weakens responsible lending obligations and introduces inadequate protections in small amount credit contracts (SACCs) and consumer lease laws.
TasCOSS are opposed to any moves that weaken consumer protections. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry identified the need for stronger rules and oversight of financial services, not weaker. In the current environment of higher levels of unemployment, reduced income and the winding back of COVID-19 support measures, introducing weaker consumer protections will result in more Australians being saddled with harmful debt or experiencing financial hardship, rather than supporting our economic recovery.