ANALYSIS: Why the Government's loan law changes are 'a solution in search of a problem'
. It could continue using its benchmark, and ASIC opted not to appeal to the High Court.
"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.""The Commonwealth Bank recently said that the flow of credit is above pre-COVID levels and that lending is growing at a strong pace," noted the Consumer Action Law Centre's CEO Gerard Brody.
To support his case, the Treasurer cited recent testimony from the Reserve Bank governor Philip Lowe at a Parliamentary hearing. Indeed, while noting that credit growth to households was slowing, minutes from the RBA's most recent meeting didn't attribute that to any difficulties in getting loan approval.
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