3rd Feb 2021, 11:22 AM – Senate National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019 - Second Reading - Recommendation 1 of the Royal Commission

The majority voted against an amendment to the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill).

Amendment text

At the end of the motion, add: ", but the Senate:

(a) notes that:

(i) when introducing this bill on 5 December 2019, the Treasurer, the Hon Josh Frydenberg MP, said in his second reading speech that with this legislation "credit providers will have a more complete picture of a consumer's financial situation [which] will help them to better price credit and meet their responsible lending obligations",

(ii) with its National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020, the Government is seeking to repeal legislated responsible lending obligations from the National Consumer Credit Protection Act 2009 (the NCCP Act), and

(iii) in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry report, which was released on 1 February 2019, Recommendation 1 stated that "the NCCP Act should not be amended to alter the obligation to assess unsuitability", which was accepted by the Government; and

(b) calls on the Government to honour its acceptance of Recommendation 1 of the Royal Commission and withdraw its National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020".