Page 4932 - Week 15 - Thursday, 8 December 1994

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MADAM SPEAKER,

THE CONSUMER CREDIT BILL AND THE CONSUMER CREDIT CODE REPRESENT THE CULMINATION OF MANY YEARS WORK BY CONSUMER AFFAIRS MINISTERS AND OFFICERS THROUGHOUT AUSTRALIA. THE LEGISLATION HAS BEEN RELEASED IN A NUMBER OF PREVIOUS FORMS, NONE OF WHICH ACHIEVED THE CONSENSUS BETWEEN CREDIT PROVIDERS, CONSUMER ORGANISATIONS, PROFESSIONAL ORGANISATIONS OR THE COMMUNITY WHICH WAS NEEDED TO ENSURE ITS PROGRESS THROUGH THE PARLIAMENTS OF THE AUSTRALIAN STATES AND TERRITORIES.

THE BILL NOW BEFORE THE ASSEMBLY, WHILE NOT NECESSARILY MEETING ALL OF THE ASPIRATIONS OF ALL OF THE COMPETING INTERESTS IN AUSTRALIA, NEVERTHELESS REPRESENTS OUR BEST EFFORTS TO ACHIEVE SUSTAINABLE AND PROGRESSIVE LAWS FOR THE REGULATION OF CONSUMER CREDIT. IT IS A UNIQUE BILL, NOT ONLY BECAUSE OF ITS CONTENTS, BUT BECAUSE OF THE OPPORTUNITY IT PRESENTS FOR COOPERATIVE FEDERALISM IN AUSTRALIA. FOR MANY, THE PROSPECT OF THE STATES AND TERRITORIES AGREEING TO A SET OF LAWS ON WHICH THERE HAS BEEN SO MUCH ACRIMONIOUS COMMUNITY DEBATE SEEMED REMOTE. YET WHAT WE HAVE ACHIEVED AS STATES AND TERRITORIES IS A LAW WHICH WILL SIGNIFICANTLY ADVANCE CONSUMER PROTECTION AND AT THE SAME TIME ENSURE THAT PRODUCT DIVERSITY AND COMPETITION IS OPTIMISED.

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