The Labor Party promised to allocate 60 million yuan to provide interest-free loans to low-income people.
According to the 60 million fund plan proposed by the Labor Party to prevent low-income people from falling into the debt trap, more than 300,000 Australians who are in a tight position will receive interest-free or low-interest loans.
Station 9 reported that the opposition party said the new policy will provide an additional 77,000 interest-free or low-interest loans each year for the next four years.
If the Labour Party is elected, the funds will be used to expand the loan program operated by Good Shepherd Microfinance.
Opposition leader Shawton told the 9th station that the plan was designed to give financially tight Australians a choice other than loan sharks.
“Many people live very hard, they try to keep a job, or raise a child.”
“If you suddenly have to change 4 tires, or if your washing machine is broken and you have to pay the rent, life can be difficult.”
“I don’t want to see sharks shred these vulnerable groups.”
Good Shepherd CEO Christine Nixon said low-income Australians can apply for up to $1,500 interest-free loans to purchase refrigerators, washing machines, school supplies and car repairs.
“Most of the loans are interest-free, but there are also low-interest loans for large loans, up to 3,000 yuan,” she said.
The Labor Party said that this policy requires 15 million yuan a year and the funds will come from its bank fairness fund
Reference:
https://www.9news.com.au/2019/03/21/18/52/news-finance-labor-60m-plan-to-help-low-earners-with-no-interest-loans