Treasury announced on 15 February 2013 that the Government has decided that any reforms to small business finance will be deferred.
Treasury stated that consultations so far on the reforms in Schedule 2 of the exposure draft of the National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012 (Phase 2 Bill) indicate that there is a need to further examine a number of key issues. The release of the exposure draft has raised consideration of whether the benefits could be delivered in a more targeted and effective way, through the development of a different model from that in the Phase 2 Bill. As a result any reforms to small business finance will be deferred, and the Government will not be seeking passage of Schedule 2 in the life of the current Parliament. More…
