Appropriation Bill (No. 1) 2008-2009: Consideration in Detail

I expressed concern to you at that time that that this was predatory behaviour and that there was a risk that some people were being ripped off in the process, whereby these companies were looking to buy the houses of individuals who were in a vulnerable position at less than market value.

I expressed concern to you at that time that they were targeting people who were under housing stress and had failed to keep up with their repayments. People were being targeted because they had recently been divorced, lost their job or been unwell. At that time you gave me an undertaking that you would refer the matter to the ACCC for it to investigate what actions it considered appropriate in this circumstance. I thanked you for that at the time. On the weekend you were able to provide me with additional information on what the government is doing in this regard to ensure that people are prevented from finding themselves in circumstances where they do not get a fair deal, where they get ripped off by predatory behaviour in the marketplace. I thank the minister for that and would appreciate more detail about his approach to this matter and the actions of the ACCC.’