GOVERNMENT’S CREDIT REFORMS STRIKE THE RIGHT BALANCE IN PROTECTING CONSUMERS WHILE PRIORITISING JOBS AND GROWTH

September 25, 2020

GOVERNMENT’S CREDIT REFORMS STRIKE THE RIGHT BALANCE IN PROTECTING CONSUMERS WHILE PRIORITISING JOBS AND GROWTH

CHERPA welcomes today’s economic reform announcement by the Federal Government that ensures Australians get access to credit and consumer leases in a socially responsible way.

Today’s credit reforms will be a much needed shot in the arm to the Australian economy and give confidence and certainty to small businesses and consumers.

The reforms as they apply to consumer leases ensure all Australians can access consumer leases and protections already provided by CHERPA members who abide by a strict Code of Conduct.

The consumer protections proposed by the Federal Government today are available to those Australians who have a consumer lease from a CHERPA member.

CHERPA has been long calling for legislative certainty for consumers and consumer lease providers that includes both a cap on total lease payments (including GST, delivery and installation fees) and a protected earnings amount of 20 per cent of net income for consumers.

The Treasurer and Assistant Treasurer have listened to consumer and industry feedback and struck the balance in ensuring consumer lease providers can survive and consumers can continue to buy basic white goods and other products.

CHERPA looks forward to working with the Government and Treasury to ensure the legislation achieves the intent of today’s announcement and works for small business and consumers.

 

Media contact:

Tim McKenzie

0418 553 093

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