Australia will loosen its responsible lending rules in an effort to ease borrowing to help stimulate the virus-hit economy
This has been on the cards, Federal Treasurer Josh Frydenberg confirmed it earlier.
- "The flow of credit will be absolutely critical to our economic recovery"
- "But our current regulatory framework, with respect to lending, is not fit for the purpose. It has become overly prescriptive, and responsible lending has become restrictive lending."
- "We need our banks to be extending credit, we need the regulation to be streamlined, and we need customers to be able to access credit"
