09 August 2018

Next week when Parliament returns it will have been three years and five days since the Turnbull Government heralded a review into payday lending but 1101 days later vulnerable consumers are still being thrown to the loan sharks.

Yet again the Turnbull Government is refusing to introduce its own payday lending legislation to Parliament which would protect consumers from soaring interest rates and skyrocketing fees, instead leaving cash-strapped families at the mercy of unscrupulous lenders.

Scott Morrison has protected these dodgy payday lenders and rent-to-buy scheme operators from answering to the Financial Services Royal Commission and continues to protect them from by refusing to introduce the legislation.

In the meantime, households are forced into payday loans and face skyrocketing fees and interest rates as high as around 200 per cent.

Labor calls on the Government to introduce this important piece of legislation so that 1.8 million financially distressed Australian households, who may be forced into a payday loan, are not ripped off.