State Reference Legislation
On 2 October 2008, the Council of Australian Governments agreed that the Commonwealth Government would assume responsibility for the regulation of consumer credit in two phases. The Commonwealth’s legislative powers under the Constitution were not sufficient to enact a comprehensive regulatory framework for consumer credit to operate nationally. Therefore, a specific referral of powers for consumer credit from all States was required.
All States have now referred their powers for consumer credit to the Commonwealth.
New South Wales
On 23 March 2010, New South Wales enacted the Credit (Commonwealth Powers) Act 2010 (NSW).
Victoria
On 30 March 2010, Victoria enacted the Credit (Commonwealth Powers) Act 2010 (Vic).
Queensland
On 21 April 2010, Queensland enacted the Credit (Commonwealth Powers) Act 2010 (Qld).
Western Australia
On 25 June 2010, Western Australia enacted the Credit (Commonwealth Powers) Act 2010 (WA).
South Australia
On 24 June 2010, South Australia enacted the Credit (Commonwealth Powers) Act 2010 (SA).
Tasmania
On 12 November 2009, Tasmania enacted the Credit (Commonwealth Powers) Act 2010 (Tas).
