I believe our economy should serve its people. Labor will always work for an economy that is both strong and fair. We can deliver growth, efficiency and social justice when we provide quality education and training, support industries to provide jobs that are fairly paid and stable, and recognise the distinct needs of regional Australia, all while embracing the potential of technology and innovation. Australia is at its best when the benefits of economic growth are there for all to share.
A Shorten Labor Government will provide $60 million from the Banking Fairness Fund to give vulnerable Australians an alternative to dodgy payday lenders, doubling the funding for not-for-profit microfinance programs across the country.
Media Release: Senate Inquiry Calls Out Government Inaction on Payday Loans, Consumer Leases and Debt Vultures
The Senate Committee’s report into Credit and financial services targeted at Australians at risk of financial urges the government to end years of inaction and legislate to protect consumers from being exploited by financial service providers.
“So now, as an infallible way of making little ease great ease, I began to contract a quantity of debt."
At one time or another we have all felt as Pip did in Dickens’ Great Expectations. Being a consumer in 2019 we are faced with fast fashion, digital innovation and an ease of consumption like never before.
Labor will give bank victims a fairer chance to fight for their rights with a $640 million Banking Fairness Fund.
Commissioner Hayne has finished his work. He has prepared his report, he has released it, and the Royal Commission has made 76 recommendations to protect consumers, to stop the rorts and rip-offs in the financial sector that hurt people so much. Unfortunately the Government is dragging its feet on implementing these recommendations.
Well, this is a damning report on the industry and an indictment on a culture of greed and I think it aligns with the community's perception about the problems in the sector. But the Commissioner has done his work now and it is up to the politicians and to the Parliament to respond.
I wanted to make a few remarks about the significance of today’s inquiry. More than two years ago, the present Government received a report telling them that there was an urgent need for reform around small amount credit. That pay day loans were out of control, that people were experiencing real hardship. In the years since, we’ve seen the banking royal commission expose just how badly things can go when you’re not watching carefully in the financial services industry. Unfortunately, for years, the Government has refused to act on reforms that were proposed for small amount credit contracts.