Senate Economics Legislation Committee - BNPL Inquiry
On 28 June 2024, AFIA made our submission to the Senate Economics Legislation Committee’s inquiry into the provisions of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024.
This bill was introduced in the House of Representatives on 5 June 2024 and will include Buy Now, Pay Later (‘BNPL’) products within the National Consumer Credit Protection Act
AFIA welcomed the Government’s adoption of a proportionate and scalable approach to the regulation of BNPL and made some minor suggestions, consistent with our submission on the draft legislation.
This was all done within the context of AFIA’s recent data showing that the BNPL sector supports almost 150,000 jobs and the average transaction value is just $132.
AFIA’s full research report: ‘The Economic Impact of Buy Now Pay Later’ can be found here.
The Committee is due to report back to the Senate as a whole on 2 August 2024.
AFIA will continue to work constructively with the Government and the Parliament on this important issue.