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Review of Australia’s Credit Reporting Framework

The Hon Mark Dreyfus KC MP
Media Release

Assistant Treasurer
Minister for Financial Services
The Hon Stephen Jones MP

Attorney-General
Cabinet Secretary
The Hon Mark Dreyfus KC MP

Joint media release

Today the Government has released an independent review aimed at improving Australia's Credit Reporting Framework.

The credit reporting framework is a critical pillar of Australia's financial infrastructure and it is essential that it effectively balances privacy and financial system considerations.

The independent reviewer, Ms Heidi Richards, examined the overall efficiency and effectiveness of the credit reporting framework under the Privacy Act 1988 and the National Consumer Credit Protection Act 2009. Ms Richards undertook more than 60 bilateral discussions with government and industry stakeholders and received 31 submissions which informed her analysis for the report and her recommendations.

The report contains 37 recommendations aimed at improving the overall operation of Australia's credit reporting framework with a focus on enhancing consumer experiences, strengthening the efficiency, coverage and quality of credit reporting data, maintaining a competitive credit industry, and reforming the regulatory structure to improve accountability and flexibility.

The Government will carefully consider the report and continue consultation with stakeholders before determining its next steps. The Government thanks Ms Richards and those who engaged in the review process.

The report is available on the Attorney-General's Department website.