Senate debates
Monday, 4 July 2011
Bills
Tax Laws Amendment (2011 Measures No. 2) Bill 2011, Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011, Tax Laws Amendment (2011 Measures No. 4) Bill 2011, Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2011, International Tax Agreements Amendment Bill (No. 1) 2011, Acts Interpretation Amendment Bill 2011, Midwife Professional Indemnity Legislation Amendment Bill 2011, Social Security Legislation Amendment (Job Seeker Compliance) Bill 2011, Social Security Amendment (Parenting Payment Transitional Arrangement) Bill 2011, Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (Election Commitments and Other Measures) Bill 2011, Tax Laws Amendment (2011 Measures No. 3) Bill 2011, Family Assistance and Other Legislation Amendment Bill 2011, Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment (Further Election Commitments and Other Measures) Bill 2011, Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011
5:35 pm
Michael Ronaldson (Victoria, Liberal Party, Shadow Minister for Veterans' Affairs) Share this | Hansard source
We will be opposing this amendment. The National Consumer Credit Protection Act 2009, which came into effect in July 2010, already deals with unconscionable or unfair fees and charges. Borrowers can already complain to ASIC or to an external dispute resolution scheme. The borrower or ASIC can seek a review of fees by a court. This proposal would require ASIC to determine what is a reasonable fee, which is beyond the current scope and role of the regulator. As each credit provider's average reasonable costs would be different, this would require extensive ASIC resources and high costs in each case. These higher costs would need to be passed on to consumers or funded by the taxpayer.
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