Responsible lending vital for economic recovery and growth

Responsible lending vital for economic recovery and growth

The Property Council of Australia has welcomed the Federal Government’s move to simplify and clarify responsible lending obligations to ensure that Australians continue to have access to credit in a more timely and efficient way.

“A competitive and well-functioning credit market, subject to prudent regulatory oversight, will help more Australians buy or invest in property, improving housing supply and affordability and support jobs and economic growth,” said Ken Morrison, Chief Executive of the Property Council.

“The measures announced by the Treasurer today (September 25 2020) appear focused on getting the balance right between a fit-for-purpose framework which supports the flow of credit with regulatory oversight and consumer protections in place,” Mr Morrison said.

“Ensuring that Australians who want to buy a home, invest in property or start a business can access credit will be vital to supporting economic recovery and growth following COVID-19.

“Australia faces huge challenges in overcoming the economic impact of COVID-19, but with smart policy and regulatory settings we can unlock our great potential to get the economy going again,” Mr Morrison said.

Source: Property Council of Australia