The government said that it would continue to work with the Senate crossbench on responsible lending reforms after senator Jacqui Lambie said she would not support the repeal of the obligations.
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COVID-19 accelerates debit card use, cash decline
COVID-19 continues to influence payment trends across Australia, with new data showing debit cards are the clear choice of payment, outweighing second-placed credit cards by almost three times, while the use of cash has significantly declined.
New Australian Banking Association (ABA) analysis of RBA data shows the use of debit cards continues to sharply rise, 17 per cent in 2020, in comparison to cash withdrawals that fell by 10 per cent in the same period, while cheques made up less than 0.5 per cent of all transactions.
ABA Chief Executive Anna Bligh said while debit card usage has been increasing over the last decade, it has been accelerated as a result of the pandemic.
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Frydenberg not for turning on responsible lending rollback
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Treasurer Josh Frydenberg has pledged to push on with the Coalitionâs attempt to scrap responsible lending laws, seeking a deal from the Senate crossbench despite strong opposition from Pauline Hanson.
The One Nation leader this week told
Dominic Lorrimer
Senator Hansonâs opposition signals poor prospects for the bill in the Senate, where the government requires three crossbench votes to pass legislation.
Already Tasmanian independent Jacqui Lambie has said she opposes the deregulation attempt, which the government says will encourage the flow of loans and boost Australiaâs COVID-19 economic recovery.