Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

They have been publicly announced. They were in the minister's press release announcing the relevant changes some time ago. AFCA will commence with significantly higher monetary limits than the Financial Ombudsman Service and the Credit and Investments Ombudsman. AFCA will have a claim limit of $1 million and a compensation cap of $500,000 for non-superannuation disputes. That is almost double what is currently in place for small business credit facility disputes. AFCA will be able to consider complaints related to a credit facility of up to $5 million and award compensation of up to $1 million. This is triple what is currently in place. There will also be no monetary limits for disputes about whether a guarantee should be set aside—whether it has been supported by a mortgage or other security of the guarantor's primary place of residence. There will continue to be no monetary limits or compensation caps for superannuation disputes. The government does not support extending the compensation limit for non-superannuation disputes to $3 million at this point, but, because in the future these matters will be governed by the terms of reference, there will be flexibility to make adjustments as appropriate in the future.