ANZ has expressed support for the Australian Government's initiative to streamline the nation's credit framework. The move aims to maintain consumer protection while facilitating a more efficient flow of credit amid challenging economic conditions.
Shayne Elliott, ANZ Chief Executive Officer, commented on the development: “The simplification of Australia’s credit framework will speed up the flow of credit to Australians during these difficult economic times while still providing the necessary protections for Australians when accessing credit."
Elliott also noted the collaborative efforts in response to the pandemic: “The Government, industry and regulators have shown flexibility in the response to the pandemic and this decision will support the economy and customers at a crucial time.”
ANZ plans to collaborate with government authorities and regulatory bodies to gain a deeper understanding of these changes. This includes identifying any practical adjustments needed for lending processes.