In many cases high-cost credit businesses are making people’s lives worse, creating debt they cannot repay and causing financial stress.
Many of the businesses providing high-cost credit are preying on people, including through targeted marketing strategies and advertising, who have limited economic resources and limited access to mainstream credit.
The Bill must be passed as a matter of priority to address many of the predatory and unfair practices of high-cost credit businesses providing payday loans or consumer leases.
In this March 2020 submission, QCOSS called on the Standing Committee Inquiry to recommend that the Australian Government:
- pass this bill because it addresses many of the predatory and unfair practices of high-cost credit businesses
- ban advertising by high-cost credit businesses on all forms of social media, television and radio media and
- reduce structural inequities including by raising the JobSeeker (Newstart) allowance by $95 per week and indexing to wages.