Recently Mr Bill Shorten MP surprised everyone when he announced
that the Federal Government would be dropping the small business
lending reforms to the National Consumer Credit Protection Act
2009 (NCCP).
The small business lending reforms were part of the Federal
Government's Phase 2 Consumer Credit Reforms. The Phase 2
Consumer Credit Reforms cover:
- credit provided for investment lending;
- some forms of private lending;
- short term and indefinite term consumer leases; and
- anti-avoidance provisions.
The small business lending reforms were the most significant of
the reforms that had been proposed by the Federal Government. As a
result of considerable protest and lobbying from various small
business groups, the Federal Government decided, many believe due
to the fact that it is an election year, to drop the small business
lending reforms.
