The Federal Government wants to relax lending rules, which would make it easier for Australians to access personal loans and mortgages.
"As Australia continues to recover from the COVID-19 pandemic, it is more important than ever that there are no unnecessary barriers to the flow of credit to households and small businesses," he said.
The coronavirus crisis has seen hundreds of thousands of cash-strapped Australians defer their mortgages,As a result, the housing sector has been calling for the guidelines governing bank loans to be relaxed, arguing that will help the economy recover much faster. Reserve Bank governor Philip Lowe has also weighed into the debate, telling a parliamentary committee last month the legislation needed to be examined again.
Among the range of factors contributing to the global financial crisis was that banks and other lenders were willing to make increasingly large volumes of risky loans for a range of reasons.
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