Press Release
The Hon Chris Bowen MP

Today, the National Consumer Credit Protection Amendment Bill 2010 was passed by the Australian Parliament.

The Bill provides the flexibility sought by the States to enable them to refer their powers for consumer credit regulation to the Commonwealth. Following enactment of the State Referral Bills, the States will be able to repeal their state laws in time for the commencement of the National Credit legislation on 1 July 2010.

“The passage of the National Consumer Credit Protection Amendment Bill brings Australia closer to having a single, standard national credit regulatory regime – and it can only be achieved through the strong commitment by the Commonwealth, State and Territory Governments working in a spirit of cooperation to deliver the COAG reform vision for a single, uniform national credit law,” Mr Bowen said.

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