Thursday, 10 December 2020
Selection of Bills Committee; Report
I move an amendment to the motion for adoption of the report:
At the end of the motion, add:
"but, in respect of the provisions of the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020, the Economics Legislation Committee report by 12 March 2021."
There is one area where we would like an amendment. It's in relation to the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020: that it go to the Economics Legislation Committee for report by 12 March. The reason we would like this is that this bill reverses the first recommendations of the banking royal commission: that the government should not touch the responsible lending laws. If the government is serious about scrapping the responsible lending laws, we need a chance to find out what the harm to consumers will be. Eliza Wu, associate professor of finance at the University of Sydney, has said these laws may sow the seeds for the next financial crisis. So I think it is reasonable that the Senate be given the time for a relatively short inquiry, once you take out the Christmas break, to report back to this chamber by 12 March. I hope other senators can support that amendment.