Because ASIC says it is.
'Loans of more than $5,000The law does not allow the total amount of fees and charges on loans to exceed 48%. This rule applies to loans of more than $5,000, loans with terms of more than 2 years; and all continuing credit contracts (such as credit cards).'
https://asic.gov.au/for-consumers/loans-and-credit-cards/
Wallet Wizard why is this legal, page-5
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