Trouble as loan shark laws stall
LOAN sharks that offer shortterm loans at exorbitant interest rates will continue to operate unregulated until at least 2020 with the Government expected to miss its Christmas deadline to limit their power.
Weeks before he was rolled, former prime minister Malcolm Turnbull promised stalled laws which would limit short-term loans to about 10 per cent of a customer’s net income, would be introduced before the end of the year.
But Government sources say the tough new laws are unlikely to be introduced to Parliament and pass both Houses by the end of the year.
Assistant Treasurer Stuart Robert, the new minister in charge, was one of a handful of Liberal MPs who pushed Cabinet to water down the draft laws, which also cap interest repayment, earlier this year.