Thirty Two Questions and Supporting Evidence    Submission Letter to Royal Commission April-2018   Defined Terms & Documents  

24th Question

Will the Royal Commission ask the ASIC chairman, James Shipton, why ASIC made the following statement in ASIC's Submission to the Productivity Commission Inquiry into competition in the Australian financial system - Sept 2017?

"A senate inquiry submission by Treasury noted that in 2013 only 30% of surveyed users reported paying interest on their credit card balance.98 .  Contrary to this self-reporting though, the share of balances attracting interest at the time was in fact closer to two-thirds.99"

        98   Treasury, Submission to the Senate Economics References Committee Inquiry into matters relating to credit card interest rates, 11 August 2015.

        99   Ibid.

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Supporting Documented Evidence re 24th Question

Below is a screen print of the pertinent section of ASIC's submission to the Productivity Commission Inquiry into competition in the Australian financial system - Sept 2017:

Patently for ASIC to contend that "... the share of balances attracting interest at the time was in fact closer to two-thirds." evidences that ASIC has no understanding about the amount of Interest And Penalty Fees Revenue paid by Revolvers, of which Persistent Revolvers account for 38.13% circa of all Revolvers (Graph 7 and table thereunder).  And that 67% circa of Credit Cardholders, described by the RBA as Transactors, contribute zilch to Interest And Penalty Fees Revenue.