1 October 2024
The ABA welcomes the Federal Government’s announcement to extend the Responsible Lending Obligations (RLO) exemption for small businesses.
ABA Acting CEO Vanessa Beggs said it was critical banks were able to provide small businesses with the finances they need to operate and expand.
“One in four SMEs report wanting to increase their capital investment, so this extension will help ensure small businesses across Australia can continue to access the credit they need to thrive and grow,” Mrs Beggs said.
“At the end of July 2024, $674 billion in credit was extended to SMEs, demonstrating the critical role of accessible credit in supporting small business growth.”
“Small businesses are the lifeblood of our economy. Making it easier for them to access credit gives them more opportunities to employ Australians, upgrade their facilities and expand their operations.”
“Banks will continue to support small businesses, including ensuring credit or loans are readily available and accessible.”
The National Consumer Credit Protection Regulations 2010 will be amended to extend the exemption for a further two-year period, ending 3 October 2026.
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers. ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose. “Australians now have access to a range of payment options and no matter how they… Read more »
Deloitte Access Economics has now determined its recommended regulated pricing model for Armaguard’s Cash-in-Transit services. The final independent pricing mechanism report has been provided to Armaguard as well as the major banks and major retailers. This is an important milestone in working to keep cash available around Australia, even while people are using less of… Read more »
E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »