Buy Now Pay Later (BNPL) regulation is expected to be enforced from 2024 after years of the service being unregulated under standard credit regulation. With the debate being whether BNPL should be considered credit or not, the local government has finally decided that these services should be included under credit regulation which is used for other products such as credit cards.
After months of consecutive rate creases, the RBA (Reserve Bank of Australia) paused the cash rate at 4.1% towards the end of 2023, offering a slight reprieve for consumers paying back interest.
Alternative financial service providers comprised 8% of consumer credit (gross lending) in 2023 and this proportion is expected to reach approximately 10% by 2028. Alternative financial services providers try to appeal to customers through competitive pricing, including on interest rates for loans and credit cards.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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