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Australia to look into payday lenders, debt management firms

A new senate inquiry will look into Australia's payday lenders, debt management firms and buy-now-pay-later businesses, The Sydney Morning Herald reported Oct. 17.

The country's Labor party proposed the new inquiry into the less regulated parts of the financial system after the royal commission looked into domestic banks and insurers. Under the proposed terms of reference, the inquiry will investigate the regulatory environment around payday lenders, consumer leasing and so-called "debt vultures." Buy-now-pay-later schemes such as Afterpay will also be investigated.

The Greens party said they would support the inquiry, guaranteeing that it would have enough votes to pass the senate.