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Into the mainstream: the Australian payday loans industry on the move

journal contribution
posted on 2023-05-21, 08:36 authored by Ali, J, Marcus BanksMarcus Banks
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.

History

Publication title

JASSA: The Journal of the Securities Institute of Australia

Pagination

35-42

ISSN

0313-5934

Department/School

TSBE

Publisher

Financial Services Institute of Australasia

Place of publication

Australia

Repository Status

  • Restricted

Socio-economic Objectives

Public services policy advice and analysis

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