Independent Review of Australia’s Credit Reporting Framework Commences

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Original media release from the Attorney-General’s media centre (27/02/2024).

The Australian Government has commenced an independent review of Australia’s Credit Reporting Framework.

Australia’s credit reporting system plays an important role in assessing eligibility and suitability for credit and in reducing the risk of financial harm to consumers, as well as protecting the privacy of individuals personal and sensitive credit information.

The review will consider the overall efficiency of Australia’s credit reporting framework, including whether current legislative arrangements enable effective lending of credit while ensuring the personal information of consumers is adequately protected.

This is the first substantial review of Australia’s credit reporting framework since 2008.

Ms Heidi Richards has been appointed as the independent reviewer.

As an independent reviewer, Ms Richards will examine the overall efficiency and effectiveness of Australia’s Credit Reporting Framework in the Privacy Act 1988 and the National Consumer Credit Protection Act 2009.

The Terms of Reference for the review are available on the Attorney-General’s website.

A public consultation period will occur in the coming months, with a final report to be handed to government by 1 October 2024.


Ms Richards is a well-qualified, distinguished individual with 30 years’ experience leading policy and regulatory forms.

In addition to her role as a senior executive at the Australian Prudential Regulation Authority, Ms Richards worked at the Reserve Bank of Australia, the United States Federal Reserve Board and the United States Treasury.

Ms Richards has worked across both government and private business to develop deep expertise in the financial sector.

Ms Richards holds a Bachelor of Arts (Economics) and a Masters in Public Administration from Harvard University.