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Treasury Consultation on Anti-avoidance provisions for credit product intervention orders

In March 2023, The Salvation Army provided a short submission to the Treasury consultation on draft legislation to strengthen anti-avoidance provisions for credit product intervention orders.

The Salvation Army encourages the passage of the draft Bill and welcomes the changes proposed in the exposure draft of the Treasury Laws Amendment (Measures for Consultation) Bill 2023 to maximise the powers of the Australian Securities and Investment Commission (ASIC) to prevent lenders providing unsuitable forms of lending.

In 2022, the Financial Sector Reform Act 2022 passed Parliament, creating several anti-avoidance measures to encourage compliance with the Credit Act. These are regulatory measures taken to restrict or prohibit the sale, distribution, or marketing of certain credit products in order to protect consumers from harm.

As a supplement to the Financial Sector Reform Act 2022, the Bill would introduce equivalent provisions regarding the prohibition to avoid relevant credit product intervention orders in the Corporations Act, better protecting individuals from unreasonable credit instruments and unmanageable debts.

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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