After many years of campaigning against the damaging practices of Buy Now Pay Later (BNPL) schemes, the Assistant Treasurer and Minister for Competition, Charities, and Treasury Hon. Andrew Leigh MP has commended the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, partly designed to close loopholes utilised by BNPLs, to the House of Representatives.
The speech specifically referenced an interview on SBS and the joint submission (focusing on Cigno Pty. Ltd.) by the Consumer Action Law Centre, Financial Rights Legal Centre, the Indigenous Consumer Assistance Network, Financial Counselling Australia, and WEstjustice.
The bill also carries additional amendments regarding qualifications for financial advisers, ASIC and the ACCC on matters pertaining to competition with clearing and settlement services, and various amendments to the First Home Super Savers Scheme.
For further reference the 2023 Treasury Laws Amendment Bill can be found on the Australian Parliament website here.
And the speech commending the bill in reference to anti-avoidance measures for BNPL can be found on here.