Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)General outline and financial impact
Amendments to the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019
The amendments to the Bill delay the commencement and operation of the Bill, including the mandatory comprehensive credit reporting regime and financial hardship information reporting framework.
The amendments also enhance the financial hardship information reporting framework in Schedule 2 to the Bill to provide greater protections for consumers in respect of their personal information.
Date of effect: The day after Royal Assent.
Proposal announced: The amendments to the Bill support the:
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- announcement on 2 November 2017 by the then Treasurer, the Hon Scott Morrison MP, that the Government would mandate comprehensive credit reporting; and
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- announcement on 2 August 2019 by the Attorney-General, the Hon Christian Porter MP, that the Government would amend the Privacy Act 1988 to introduce a new type of credit information - financial hardship information - to be reported with repayment history information.
Financial impact: Nil.
Human rights implications: These amendments raise human rights issues. See Statement of Compatibility with Human Rights - Chapter 2.