Pardon me for being just a little suspicious, but when I see an avalanche of enthusiasm from such reputable institutions as the Morrison government, the Murdoch media and the Australian Banking Association (anyone remember the Hayne royal commission?) about the proposed “reform” of the National Consumer Credit Protection Act, I smell a very large rodent. “Reform” here is effectively code language for repeal. And it means the repeal of major legislation introduced by my government to bring about uniform national laws to protect Australian consumers from unregulated and often predatory lending practices.
The banks of course have been ecstatic at Morrison’s announcement, chiming in with the government’s political chimeric that allowing the nation’s lenders once again to just let it rip was now essential for national economic recovery. Westpac, whose reputation was shredded during the royal commission, was out of the blocks