Written Questions (re Credit Cards)

Snapshot of Question 1:

Four Pillars provide data for a month (or qtr) of -

*    number of Credit Cardholders that repaid five different percentages of indebtedness and aggregate dollar amount of those repayments

*    aggregate and the percentage of gross interest revenue paid by the highest paying 20% of Interest paying Credit Cardholders

Question 1

Will the Federal Treasurer seek the Governor of the Reserve Bank, to exercise its "...extensive powers ...." under the Payment Systems (Regulation) Act 1998 to obtain information for -

(A)       a particular month (or quarter) no later than 30 June 2017 from the Four Pillars which shows:

            1.       Number of Credit Cards that repaid total indebtedness and aggregate dollar amount of those repayments.

            2.       Number of Credit Cards that repaid > or =50% of total indebtedness and aggregate dollar amount of those repayments.

            3.       Number of Credit Cards that repaid <50% but >5% of total indebtedness and aggregate dollar amount of those repayments.

            4.       Number of Credit Cards that repaid <=5% of total indebtedness and aggregate dollar amount of those repayments.

(B)       aggregate and the percentage of gross interest revenue that is paid by the highest paying 20% of Interest paying Credit Cardholders to assist appraisal of the application of the User Pays Principle for Credit Cardholders that hold over 16 million Credit Cards in Australia (ie. the highest Interest paying 20% of Credit Cardholders for a particular Pillar Bank may be paying 60%, 70% or 80%  of all interest receipts for the selected month or quarter).

 

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