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Speech: Assistant Treasurer Stephen Jones on Responsible Lending & Borrowing
13 July 2022
Assistant Treasurer Stephen Jones addressed the 6th annual Responsible Lending and Borrowing Summit and outlined that “we’ve got a lot of work to do”.
Key Points
- Consumer rights: “Any cursory understanding of markets tells us that consumer rights make them more efficient”
- RLOs: “… we won’t be revisiting RLOs in Government.”
- BNPL: “So let’s have an end to the silly argument about whether BNPL is credit and get on with the next stage of growth for this emerging industry. Soon I’ll be consulting on options with key stakeholders, including industry, consumer groups and regulators on how to improve the regulation of credit in Australia. BNPL products are unique and any future regulatory framework needs to reflect that.”
- Payday lending: “Labor is committed to taking action to strengthen consumer protections.”
AFIA’s BNPL Report Key Stats
- there are now 5.9 million active BNPL accounts
- while the average transaction is only $151, cumulatively they account for $11.9 billion of transactions per annum
- BNPL now represents 3.7 per cent of online consumer payments by volume, and 2.1 per cent by value.
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