ASIC hits out at business credit crunch 'myths'

  • 📰 smh
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 80%

Business News News

Business Business Latest News,Business Business Headlines

The corporate cop has rejected bank claims that small business credit growth is being crimped by responsible lending laws as 'myths' | clancyyeates

The corporate watchdog has rejected as myths claims that small business credit growth is being crimped by responsible-lending laws, amid a government push to improve small firms' access to finance.

ASIC commissioner Sean Hughes does not accept the suggestion that responsible lending laws have slowed economic growth.A repeated complaint of bankers this year has been that tighter small business lending has been an unintended consequence of the Hayne royal commission. On Thursday, Mr Hughes hit out at "misinformation" on the topic in the media, and said responsible-lending laws had never applied to business loans since their introduction in 2009.

"These claimed effects are either not supported by the facts or data, or, if they are real, they are the result of a fundamental misunderstanding and misapplication of the law."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former AFL player Nick Stevens charged with $144,000 swimming pool business fraudNick Stevens has faced court charged with taking payments of more than $30,000 from customers on the false pretence of installing swimming pools. Post footy career going well then.
Source: abcnews - 🏆 5. / 83 Read more »