Stirling Griff (SA, Centre Alliance) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Birmingham. The buy-now pay-later industry announced, today, a voluntary code of practice. The industry has claimed that this will impose minimum standards across all providers, but the code still allows purchases up to $2,000 to be made without any checking at all if a user has any income or debts. It means $10,000 of purchases, for example, could be made without the platform understanding if it is affordable for the borrower. If a provider violates the code, the only penalty is to be named by the Finance Industry Association. Does the government believe this is adequate?