Milton Dick (Oxley, Australian Labor Party) Share this | Link to this | Hansard source

The reckless conduct of payday lenders has gone on long enough. Families, young people and pensioners are being ripped off by loan sharks who are exploiting an industry which preys upon vulnerable people. As the cost of living dramatically increases under this government, 1.8 million households are now financially distressed and over 650,000 families have turned to payday loans just to get by. In return, families are paying interest rates as high as 884 per cent for household goods like fridges and washing machines, which could normally cost $350 but end up costing almost $4,000 by loan sharks looking to rip off vulnerable Australians. Whilst hundreds of thousands of people across Australia are being taken advantage of, this government sits by and does nothing.

For two years this government has sat on a report that revealed the payday loans industry was out of control. Despite the Minister for Revenue and Financial Services stating the government supported the vast majority of the 24 recommendations contained in the report, we've seen no action. We see TheCourier Mail in my home state of Queensland show that the right wing of this incompetent government is again holding the Prime Minister to ransom over what are sensible and common-sense reforms to protect vulnerable Australians. Time and time again we're seeing people ripped off across my state and across this country. When will this government stop siding with the loan sharks and start standing up for ordinary Australians?