Australian economy George Christensen in backbench revolt against payday lending crackdown Nationals MP says he relied on small credit lending in his 20s, asking: ‘Where will people in desperate need then go to access finance?’ Nationals MP George Christensen said when he was at university on a ‘meagre income’ he had ‘no other option than to go to a small credit lender’. Photograph: Mike Bowers for the GuardianGeorge Christensen has put his name to a reported backbench revolt against the Turnbull government’s proposed crackdown on payday lending, just a day after Scott Morrison denied he had been enlisted to water down the reform. The Nationals MP told Guardian Australia he turned to small credit lending in his 20s to pay for household goods and unexpected bills when he was “hocked up to the eyeballs in debt”. Barnaby Joyce reserves right to take action for 'serious defamation' – politics live Read moreOn Monday the Courier-Mail reported that eight Liberal National party MPs had revolted over the payday lending bill and enlisted the treasurer to overturn cabinet’s support for it. Christensen said the reforms were “mostly OK” but the 10% income credit limit “won’t achieve anything for consumers but will ensure that small credit lenders across the nation go to the wall”.

Source: The Guardian February 12, 2018 23:48 UTC