Loan shark laws miss deadline
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”.