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Into the mainstream: the Australian payday loans industry on the move
Ali, J and Banks, M, Into the mainstream: the Australian payday loans industry on the move, JASSA: The Journal of the Securities Institute of Australia, (3) pp. 35-42. ISSN 0313-5934 (2014) [Refereed Article]
Official URL: https://search.informit.org/doi/10.3316/informit.7...
The Australian payday industry has experienced remarkable growth since the establishment of the first payday outlet on Queensland's Gold Coast in 1998. Due to the industry's prominence in the consumer finance market, criticism from some quarters including consumer advocates and the federal government resulted in regulation of the industry in March 2013. Since then, marked changes have taken place within the industry including the restructure of the domestic market, augmentation of the little-researched online small loans market and a widening of the customer base. As the industry moves towards the mainstream of consumer finance, we believe that traditional views about the role of the industry must be updated to better reflect these developments. This will be essential to inform the much-anticipated policy debate ahead of the federal government review of the industry set to commence in July 2015.
|Item Type:||Refereed Article|
|Keywords:||payday loans, inequality, social services, welfare conditionality|
|Research Group:||Applied economics|
|Research Field:||Financial economics|
|Objective Division:||Law, Politics and Community Services|
|Objective Group:||Government and politics|
|Objective Field:||Public services policy advice and analysis|
|UTAS Author:||Banks, M (Dr Marcus Banks)|
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