Loan shark laws miss dead­line

The Sunday Times - - NEWS -

LOAN sharks who 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 to limit short-term loans to about 10 per cent of a cus­tomer’s net in­come would be in­tro­duced this year.

“Leg­is­la­tion will be pro­gressed this year, with the changes ap­ply­ing 12 months af­ter its pas­sage,” Mr Turn­bull wrote in a let­ter seen by The Sun­day Times.

But Govern­ment sources say the tough new laws are un­likely to pass both houses by the end of the year.

With only two sit­ting weeks left, La­bor MP Mil­ton Dick has writ­ten to the PM Scott Mor­ri­son de­mand­ing as­sur­ances the Govern­ment will “stand by this com­mit­ment”.

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