In August 2017 Treasury released a consultation bill which if adopted will:

  • require that affordability assessments be based on a consumer’s ability to repay the credit limit within a reasonable period;
  • prohibit unsolicited offers of credit limit increases;
  • simplify how interest is calculated, including prohibiting backdating interest charges; and
  • require online options to cancel cards or to reduce credit limits.

Read the Credit Cards: improving consumer outcomes and enhancing competition