25 January 2021

Josh Frydenberg must heed the advice from his own department about the dangers of dumping responsible lending laws.
Treasury told the Banking Royal Commission that Responsible Lending Obligations (RLOs) were working well to protect consumers and safeguard the economy.
It said there was no evidence they were crimping the flow of credit.
Now, Treasury advice uncovered by a Freedom of Information request shows the Treasurer  was warned in March that dumping RLOs that it would harm consumers.
Yet, that’s exactly what he proposed four months later.
It’s time Josh Frydenberg listened to the experts in his own department and put an end to those plans.
Consumer groups are calling the plans a “disaster” for bank customers.
The Banking Royal Commission’s first recommendation is to keep the RLOs in place.
The Treasurer should honour his pledge to implement the Banking Royal Commission’s recommendations and drop his plans to harm consumers.