I found this article on Money Management in which the National Financial Services Federation (NFSF) Chairman notes that they are skeptical that the Government's proposed legislation would have the desired effect of protecting vulnerable Australians.
NSFS chairman Mark Redmond said the alternative sources of funding named by Shorten (Centrelink advances, along with community no-interest and low-interest loan schemes) made up only 1 per cent of current payday loans.
"The Minister's legislation verges on prohibition and there is a real danger that consumers will have no option but to deal with unscrupulous operators who work outside the law," Redmond said.
So it appears there may be some actual resistance rather than hypothetical lets be against everything the Government does ploy by any opposition party. Lets hope so.
Cheers.
CCV Price at posting:
46.5¢ Sentiment: Hold Disclosure: Held
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