Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I will take that interjection. Maybe Senator McGauran should listen to some of his National Party colleagues, who have been very interested in Storm Financial of late, and get their views on responsible lending—or, in that case, irresponsible lending. This is about brokers and other intermediaries who suggest credit for a consumer that is unsuitable based on their needs and their financial capacity. Breaches of responsible lending will result in serious sanctions ranging from fines through to civil and criminal penalties. The new regime will include a low-cost dispute resolution service to award compensation and will also include appropriate licensing, education and training. (Time expired)