Jenny McAllister (NSW, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Revenue and Financial Services, Senator Cormann. On 28 November 2016, the Minister for Revenue and Financial Services, Kelly O'Dwyer, released the government's response to the independent review of the small amount credit laws. Can you confirm that this response still reflects the government's position?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator McAllister for that question, and I will take that question on notice to ensure that the answer is accurate.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator McAllister, a supplementary question.

Jenny McAllister (NSW, Australian Labor Party) Share this | Link to this | Hansard source

The Courier-Mail today reports that a group of Liberal backbenchers referred to as the 'parliamentary friends of payday lenders' want the government reforms reined in. Minister, will the government rein in its payday lending reforms?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

Let me just make the more general point that the government of course recognises that small-amount credit lenders and consumer lease providers play an important role in the economy by providing credit to consumers who in many instances are unable to access mainstream forms of finance. The implementation of the recommendations of the relevant report will ensure that vulnerable consumers are afforded appropriate levels of consumer protection while continuing to access those small-amount credit contracts and leases.

Kim Carr (Victoria, Australian Labor Party, Shadow Minister for Innovation, Industry, Science and Research) Share this | Link to this | Hansard source

This is the loan sharks.

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

Senator Carr is not even listening. The government acknowledges the significant impact that these changes will have on existing industry participants and will put in place appropriate grandfathering arrangements for existing contracts. Legislation will be progressed this year, with the changes applying 12 months after its passage.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator McAllister, a final supplementary question.

Jenny McAllister (NSW, Australian Labor Party) Share this | Link to this | Hansard source

Minister O'Dwyer has described her package of reforms as 'critically important, not only for people who take out small-amount consumer credit contracts but for people who have arrangements with consumer leasing as well'. Will the minister assure the Senate that the government will not cave in to the right wing of the Liberal Party and abandon its reforms to protect vulnerable Australian consumers?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I can assure the Senate, and Senator McAllister in particular, that the government will continue to act in the public interest at all times.