A note from Consumer Action Law Centre
Written on the 16 June 2021 by Kelly Higgins
We have heard that there is a possibility that the Government could seek to 'split' the NCCP Amendment (Supporting Economic Recovery) Bill 2020 so as to remove schedule 1 relating to repealing the responsible lending framework, but retain the other schedules relating to small amount credit contracts (SACCs), consumer leases and other matters.
Consumer lessors would be able to charge equivalent interest rates of over 100%, which is simply extortionate and will contribute to financial distress;
The overall package of reforms would not delivery product safety for what a very high-risk financial products.