Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Link to this | Hansard source

I table a supplementary memorandum relating to the government amendments to be moved to the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.

By leave—I move the amendments on sheet PM114 together:

(1) Clause 2, page 2 (table item 3), omit "1 April 2021", substitute "1 July 2022".

(2) Schedule 1, item 4, page 5 (line 6), omit " 1 April 2020 ", substitute "1 July 2021".

(3) Schedule 1, item 4, page 5 (line 18), omit " 1 April 2020 ", substitute "1 July 2021".

(4) Schedule 1, item 4, page 6 (line 20), omit " 1 April ", substitute "1 July".

(5) Schedule 1, item 4, page 6 (line 26), omit " 1 April ", substitute "1 July".

(6) Schedule 1, item 4, page 7 (line 28), omit " 1 April ", substitute "1 July".

(7) Schedule 1, item 4, page 8 (line 7), omit " 1 April ", substitute "1 July".

(8) Schedule 1, item 4, page 8 (line 18), omit " 1 April ", substitute "1 July".

(9) Schedule 1, item 4, page 8 (line 33), omit " 1 April ", substitute "1 July".

(10) Schedule 1, item 4, page 9 (line 10), omit " 1 April ", substitute "1 July".

(11) Schedule 1, item 4, page 9 (line 15), omit " 1 April ", substitute "1 July".

(12) Schedule 1, item 4, page 9 (line 26), omit " 1 April ", substitute "1 July".

(13) Schedule 1, item 4, page 9 (line 28), omit " 1 April ", substitute "1 July".

(14) Schedule 1, item 4, page 9 (line 33), omit " 1 April ", substitute "1 July".

(15) Schedule 1, item 4, page 10 (line 10), omit " 1 April ", substitute "1 July".

(16) Schedule 1, item 4, page 10 (line 15), omit " 1 April ", substitute "1 July".

(17) Schedule 1, item 4, page 10 (line 18), omit " 1 April ", substitute "1 July".

(18) Schedule 1, item 4, page 10 (line 36), omit " 1 April ", substitute "1 July".

(19) Schedule 1, item 4, page 11 (line 5), omit " 1 April ", substitute "1 July".

(20) Schedule 1, item 4, page 11 (line 7), omit " 1 April ", substitute "1 July".

(21) Schedule 1, item 4, page 13 (table item 3), omit "1 April", substitute "1 July".

(22) Schedule 1, item 4, page 19 (line 17), omit " 1 April ", substitute "1 July".

(23) Schedule 1, item 4, page 19 (line 32), omit " 1 April ", substitute "1 July".

(24) Schedule 1, item 4, page 24 (line 13), omit "1 October 2023", substitute "1 October 2024".

(25) Schedule 2, page 31 (after line 6), after item 7, insert:

7A After subsection 20E(4)

Insert:

(4A) Despite subsection (3), if the credit reporting information is, or was derived from, financial hardship information about the individual, the credit reporting body must not disclose the information under paragraph (3) (a) or (f) to a credit provider or mortgage insurer if the provider or insurer requested the information for the purpose of:

(a) in the case of a credit provider:

(i) collecting payments that are overdue in relation to consumer credit provided by the provider to the individual; or

(ii) collecting payments that are overdue in relation to commercial credit provided by the provider to a person; or

(iii) assessing whether to accept the individual as a guarantor in relation to credit for which an application has been made to the provider by a person other than the individual; or

(b) in the case of a mortgage insurer—assessing the risk of the individual defaulting on mortgage credit in relation to which the insurer has provided insurance to a credit provider.

Civil penalty: 2,000 penalty units.

(26) Schedule 2, item 17, page 33 (line 14), omit "1 April 2021", substitute "1 July 2022".

(27) Schedule 2, item 17, page 33 (line 15), omit "1 April", substitute "1 July".

(28) Schedule 2, item 17, page 33 (lines 19 and 20), omit "1 April is in 2022", substitute "1 July is in 2023".

(29) Schedule 2, item 18, page 33 (table item 4), omit "1 April 2021", substitute "1 July 2022".

(30) Schedule 2, page 36 (after line 20), after item 25, insert:

25A Subsection 20R(1)

Repeal the subsection, substitute:

Access

(1) If a credit reporting body holds credit reporting information about an individual, the body must, on request by an access seeker in relation to the information, give the access seeker access to:

(a) the information; and

(b) if the body is a corporation to which paragraph 51(xx) of the Constitution applies, and the credit reporting business of the body involves deriving CRB derived information about individuals in the form of a rating (a credit rating ) of the individuals on a credit score scale or range—the information referred to in subsection (1A).

(1A) The information is:

(a) the credit rating of the individual, as derived by the body after the request is made; and

(b) information that identifies the particular credit information that is held by the body and from which the credit rating was derived; and

(c) information about the relative weighting of the credit information described in paragraph (b) in deriving the credit rating; and

(d) information about what the other ratings on the scale or range are, and how the individual's credit rating relates to those other ratings.

25B At the end of subsection 20R(2)

Add:

; or (d) for information referred to in subsection (1A)—the credit information about the individual that is held by the body is insufficient for the body to be able to derive the credit rating of the individual in the ordinary course of its credit reporting business within the period referred to in subsection (3).

25C Subsection 20R(5)

Omit "12 months", substitute "3 months".

(31) Schedule 2, item 34, page 37 (line 22), omit "1 October 2023", substitute "1 October 2024".

(32) Schedule 2, item 35, page 38 (line 2), before "The", insert "(1)".

(33) Schedule 2, item 35, page 38 (line 2), omit "item 34", substitute "items 25A, 25B, 25C and 34".

(34) Schedule 2, item 35, page 38 (after line 4), at the end of the item, add:

(2) The amendments made by items 25A, 25B and 25C apply to requests made under subsection 20R(1) of the Privacy Act 1988 on or after the commencement of this Part.

Jenny McAllister (NSW, Australian Labor Party, Shadow Cabinet Secretary) Share this | Link to this | Hansard source

I indicated in my second reading remarks that Labor would be supporting these amendments. We previously proposed amendments to this effect and we're very pleased with the constructive engagement from the government. We consider that this will further support consumers in financial hardship.

Question agreed to.

Nick McKim (Tasmania, Australian Greens) Share this | Link to this | Hansard source

I have a question for the minister, if she is able either to respond now or potentially take the question on notice. Can the government provide an update on the timing of the implementation of the recommendations of the Hayne royal commission and whether government can commit that legislation giving effect to those recommendations will actually be tabled in such a way that it can progress through this parliament before the Australian people next go to the polls?

Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Link to this | Hansard source

Two bills were passed through the Senate last year. There is another one that is sitting in the House of Representatives as we speak. The intention is to pass that by the middle of this year—sorry, as soon as possible.

Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

Just to be clear, Minister: that's five bills from the royal commission? Are there any others? There were over 70 recommendations, so I'm just interested if you could break it down into regulation versus legislation.

Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Link to this | Hansard source

Two have passed and one is in the House. Each of those bills contained a number of recommendations.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.