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Apart from an application by a borrower affected, the Director of Consumer Affairs can intervene in a civil penalty application either to assist the court or to represent debtors. In the event that a State consumer affairs agency intervenes, any civil penalty or part thereof awarded against a credit provider can be paid into the Financial Counselling Trust Fund. That trust fund is intended to provide a central location from which moneys can be disbursed to assist consumers and their representatives in relation to creditor matters. I recently had the pleasure of launching a special legal credit counselling service being operated by the CARE Credit and Debit Counselling Service, which is funded from that trust fund. Finally, I should also mention that linked credit provider provisions, now called related sale contracts, remain an integral element of the Consumer Credit Code.

Although I have attempted to provide members with an overview of the code, I have by no means dealt with all of the important provisions. The code provides a comprehensive framework for all aspects of consumer credit lending. From the consumer's viewpoint, its central pillars are coverage of all credit contracts - including housing loans - disclosure, accessibility to useful information, and enforcement and reopening mechanisms which target areas of demonstrated consumer need. From the credit provider's point of view, this legislation is not just a consumer credit code but a code of good business practice. It contains provisions which should reflect good lending practices, but at the same time it is flexible enough and sufficiently contemporary to ensure that it will pose no significant problems to lender and borrower relationships, product innovation, competition or the development of sensible pricing decisions.

Members only have to look at the index to the legislation to see that the code deals with everything from precontractual disclosure and advertising to the form and content of credit documentation, the enforcement of obligations and the changes to those obligations, as well as such important ancillary matters as harassment, related sale contracts and related insurance contracts. The legislation is written in plain language and should assist the courts, the professions and the lending fraternity, as well as the public. The Consumer Credit Bill 1995 and the Consumer Credit Code require an administration Act to provide the machinery provisions. It has been agreed that this will not be a uniform exercise. Due to the large legislation program, the administration Bill will not be ready for introduction into the Assembly until later this year. The administration legislation will carry forward provisions of the existing Credit Act 1985 dealing with licences, the Credit Tribunal, the Financial Counselling Trust Fund, holding inquiries, powers and functions of the Director of Consumer Affairs, and miscellaneous matters.

This code, Mr Speaker, represents the culmination of many years of hard work. I commend the work that has been done in this area, including that done by the previous Government. I believe that the uniform agreement across Australia has resulted in compromises and changes which might not suit each jurisdiction - and I gather that the ACT is one of those jurisdictions - but I believe that this code significantly advances the position of credit consumers in this country and also provides certainty to credit providers. It therefore is worthy or our support. It will pose a particular challenge to us

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