this post was submitted on 05 Jun 2024
54 points (100.0% liked)
Australia
3846 readers
21 users here now
A place to discuss Australia and important Australian issues.
Before you post:
If you're posting anything related to:
- The Environment, post it to Aussie Environment
- Politics, post it to Australian Politics
- World News/Events, post it to World News
- A question to Australians (from outside) post it to Ask an Australian
If you're posting Australian News (not opinion or discussion pieces) post it to Australian News
Rules
This community is run under the rules of aussie.zone. In addition to those rules:
- When posting news articles use the source headline and place your commentary in a separate comment
Banner Photo
Congratulations to @[email protected] who had the most upvoted submission to our banner photo competition
Recommended and Related Communities
Be sure to check out and subscribe to our related communities on aussie.zone:
- Australian News
- World News (from an Australian Perspective)
- Australian Politics
- Aussie Environment
- Ask an Australian
- AusFinance
- Pictures
- AusLegal
- Aussie Frugal Living
- Cars (Australia)
- Coffee
- Chat
- Aussie Zone Meta
- bapcsalesaustralia
- Food Australia
- Aussie Memes
Plus other communities for sport and major cities.
https://aussie.zone/communities
Moderation
Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.
Additionally, we have our instance admins: @[email protected] and @[email protected]
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
Users of buy now, pay later (BNPL) services may soon have to undergo credit checks under proposed law reform introduced by the federal government.
A BNPL service allows the consumer to buy a product but delay the payment, usually paying it off in instalments over a few weeks.
The proposed legislation will put in place consumer protections while maintaining the innovation and competition introduced by the sector, Assistant Treasurer and Minister for Financial Services Stephen Jones said.
"We are supportive of the government holding all providers in the sector to the same minimum standard," the company said in a statement.
The Australian Finance Industry Association (AFIA) also welcomed the legislation, saying it provided a "solid regulatory foundation for the BNPL sector."
Consumer Action Law Centre chief Stephanie Tonkin said more than half of the people presenting to financial counsellors in Australia are struggling to pay off BNPL debt.
The original article contains 635 words, the summary contains 148 words. Saved 77%. I'm a bot and I'm open source!