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Review of Australia’s Credit Reporting Framework

The Law Council of Australia appreciates the opportunity to contribute to the Review of Australia’s Credit Reporting Framework, specifically:

The Law Council considers that Australia’s comprehensive credit reporting framework – introduced in 2014 – continues to be required, and is, on the whole, functioning adequately. Nonetheless, the Law Council supports continuous improvements to credit reporting practices and regulation, particularly to enhance consumer and privacy protections, and notes that the Terms of Reference for the recent Privacy Act Review excluded consideration of credit reporting.1

The Law Council, therefore, welcomes this review, and emphasises that, when considering any potential reforms, a considered approach – balancing individual human rights, privacy and consumer protections, and efficient regulation – is required.

The comments in the submission are in response to the matters raised in the April 2024 Issues Paper, and seek, to the greatest extent possible, to present a unified view on behalf of the Australian legal profession. However, in the time available to prepare this submission, the Law Council has not had sufficient opportunity to adopt a settled position in response to all 46 questions posed in the Issues Paper. As such, there are several discussion questions where a range of views have been expressed, reflecting the varied interests that legal practitioners represent – including those of consumers and financial services. To the extent that the Law Council has received divergent views, this submission sets these out for the Independent Reviewer’s consideration.

Read the full submission below.


1 Attorney-General’s Department, Privacy Act Review Report 2022 (February 2023) <https://www.ag.gov.au/sites/default/files/2023-02/privacy-act-review-report_0.pdf> 311.

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