The Treasurer’s op-ed on credit card reform today is simply a re-announcement of reforms the Government promised well over a year ago but has since failed to deliver on.
Back in May 2016, in response to Labor’s call for better protections for credit card customers, the Government promised that they would make changes to predatory practices and unfair charging of fees for credit card customers.
Since then nothing has happened.
Meanwhile, credit card holders continue to pay the price of the Government’s inaction by paying more in fees and unfair charges than ever before.
As the Treasurer himself acknowledged today, Australians owe around $52 billion in debt on almost 17 million credit cards with the average balance sitting at $4730.
The Treasurer’s re-announcement of the reforms he himself committed to over a year ago isn’t worth the paper it’s written on.
If the Government had delivered on its own commitment last year these reforms would be in place and credit card customers would be getting a better deal.
THURSDAY, 22 JUNE 2017