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.
Vulnerable consumers will be better protected under proposed legislation set to be introduced into Federal Parliament today. The legislation, to be brought forward by Senators Griff and McAllister, will amend the National Consumer Credit Protection Act (2009) to toughen laws around payday loans and consumer leases to protect Australian families. Almost one million households are now utilising payday loan schemes, leaving many struggling financially due to high fees and interest rates of up to 400 per cent.
A Shorten Labor Government will provide $40 million over four years to emergency relief organisations across the country, including over $5.3 million for organisations that deliver services in Brisbane.
Transcript from a doorstop interview with Fiona Phillips, Labor Candidate for Gilmore and Andrew Leigh, Shadow Assistant Treasurer.
Media Release: Labor Will Reverse Liberal Cuts & Boost Funding to South Coast Emergency Relief Organisations
Relief organisations support vulnerable Australians who have nowhere else to turn by providing assistance like food hampers, transport vouchers and financial assistance. The charities and not-for-profits that do this work are increasingly stretched and need more resources, which is why Labor will reverse Liberal cuts and invest $40 million into emergency relief across the country.
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.