Report

Credit and financial services targeted at Australians at risk of financial hardship

22 February 2019

© Commonwealth of Australia 2019
ISBN 978-1-76010-914-1

View the report as a single document - (PDF 799KB)
View the Corrigendum - (PDF 50KB)

View the report as separate downloadable parts:

Senate Economics References Committee (PDF 21KB)
Acronyms and Abbreviations (PDF 6KB)
Recommendations (PDF 43KB)
Chapter 1 - Committee view (PDF 113KB)
The committee's approach to this inquiry
The reality of financial hardship in Australia
Credit products targeted at Australians at risk of financial hardship
Financial services targeted at Australians at risk of financial hardship
Online and digital marketing of financial products
Centrepay
The need to support and expand financial counselling services
Alternative financial products for financially stressed Australians
Chapter 2 - Background (PDF 115KB)
Conduct of the inquiry
Structure of this report
Background to the inquiry
Chapter 3 - Payday loans and consumer leases (PDF 245KB)
Payday loans
Consumer leases
Impact on consumers
Conduct of providers
Centrepay
Nature and adequacy of current regulatory arrangements
Chapter 4 - Debt management (PDF 104KB)
Market participants and products
Impact on consumers
Conduct of providers
Nature and adequacy of the current regulatory arrangements
Chapter 5 - Buy now pay later (PDF 71KB)
Market participants and products
Impact on consumers
Conduct of providers
Nature and adequacy of the current regulatory arrangements
Chapter 6 - Alternatives for consumers in financial difficulties (PDF 74KB)
The Australian Financial Complaints Authority
Financial counselling
Financial literacy
Microfinance as an alternative
Coalition Senators Dissenting Report (PDF 42KB)
General comments
The reality of financial hardship in Australia (recommendation 1)
Credit products targeted at Australians at risk of financial hardship (recommendations 2–8)
Financial services targeted at Australians at risk of financial hardship (recommendation 8–11)
Centrepay (recommendations 13–14)
The need to support and expand financial counselling services (recommendations 15–17)
Alternative financial products for financially stressed Australians (recommendations 18–20)
Inconsistent approach to consumer protections
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Additional Comments by the Australian Greens (PDF 15KB)
Appendix 1 - Submissions, additional information, answers to questions on notice and tabled documents (PDF 15KB)
Appendix 2 - Public hearings (PDF 14KB)

Committee Secretariat contact:

Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3540
economics.sen@aph.gov.au

Past Public Hearings

24 Jan 2019: Canberra
22 Jan 2019: Brisbane
12 Dec 2018: Melbourne

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