World Business

Australian gov't to address credit products

(Xinhua)
Updated: 2010-07-07 15:18

CANBERRA - Australian federal government on Wednesday released a consultation paper to address credit products under its national consumer credit reform agenda.

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The Green Paper builds on the completion of phase one of its new National Consumer Credit Code that commenced on July 1, Financial Services Minister Chris Bowen said in a statement on Wednesday.

"The government has delivered phase one of the consumer credit reforms by bringing together the different state and territory legislation on financial services into a single, standard, national consumer credit law," Bowen said.

"This Green Paper outlines the options for enhancing the new national consumer credit law in particular areas such as credit cards, small business credit, reverse mortgages, and fringe or payday lending," Bowen added.

Bowen said the Green Paper has been developed following targeted consultation with interested industry and consumer groups, and will be available for public comment for a further four-week consultation period up until August 6.