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Draft Consumer Credit Regulations Consultation

In March 2023, The Salvation Army provided a short submission on the National Consumer Credit Protection Amendment (Financial Sector Reform) Regulations 2023 (the Regulations) to give effect to the government’s response to the Review of the Small Amount Credit Contract Laws (the Review).  

These Regulations would enhance the consumer protection framework for small-amount credit contracts (SACCs) and consumer leases, protecting individuals from getting into unmanageable debts, while ensuring these products can continue to fulfil an important role in the economy.  

These Regulations would: 

  • require lenders to check the financial situation of consumers before entering a contract; 
  • create stronger income requirements for both SACCs and consumer leases; 
  • targeted anti-avoidance behaviours of lenders of credit contracts and product intervention orders; 
  • simply termination fees and base price for hired goods; and 
  • improve disclosure requirements for lenders, as well as penalties for lenders who do not comply.  

The Salvation Army, along with others in the community sector, is optimistic that the draft Regulations will promote financial inclusion and be an effective protection for consumers.  

Learn more about the Inquiry

Read The Salvation Army Submission

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The Salvation Army Australia acknowledges the Traditional Owners of the land on which we meet and work and pay our respect to Elders past, present and future.

We value and include people of all cultures, languages, abilities, sexual orientations, gender identities, gender expressions and intersex status. We are committed to providing programs that are fully inclusive. We are committed to the safety and wellbeing of people of all ages, particularly children.

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The Salvation Army is an international movement. Our mission is to preach the gospel of Jesus Christ and to meet human needs in his name with love and without discrimination.

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