Federal Register of Legislation - Australian Government

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This instrument is made under section 95L of the Competition and Consumer Act 2010 and notifies that the Australian Competition and Consumer Commission is to hold an inquiry into the market for the supply of home loans.
Administered by: Treasury
Registered 25 Nov 2019
Table of contents.

 

Competition and Consumer (Price Inquiry—Home Loans) Instrument 2019

The Australian Competition and Consumer Commission makes the following notifiable instrument.

 

Dated this 19 day of November 2019

 

 

 

 

 

 

 

Rayne de Gruchy       

Chief Operating Officer

 

 




1 Name


 

This instrument is the Competition and Consumer (Price Inquiry—Home Loans) Instrument 2019.


 

2 Commencement of this instrument

 

This instrument commences on the day after registration on the Federal Register of Legislation.

 

3 Authority

 

This instrument is made under section 95L of the Competition and Consumer Act 2010.

 

4 Definitions

Note:       Expressions have the same meaning in this instrument as in the Competition and Consumer Act 2010 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

In this instrument:

Australian credit licensee has the meaning given by the National Consumer Credit Protection Act 2009.

authorised deposit-taking institution has the meaning given by the Banking Act 1959.

exempt supply has the meaning given by subsection 95A(1) of the Act.

goods has the meaning given by subsection 95A(1) of the Act.

home loan means a loan secured by a mortgage over one or more residential premises.

inquiry has the meaning given by subsection 95A(1) of the Act.

residential premises has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.

services has the meaning given by subsection 95A(1) of the Act.

State or Territory authority has the meaning given by subsection 95A(1) of the Act.

supply has the meaning given by subsection 95A(1) of the Act.

the Act means the Competition and Consumer Act 2010.

the Commission means the Australian Competition and Consumer Commission.

 

Part 2—Price inquiry into the supply of home loans

 

5 Notice of holding inquiry

 

(1)    The Commission is to hold an inquiry into the market for the supply of home loans, pursuant to the Competition and Consumer (Price Inquiry—Home Loans) Direction 2019.

 

(2)    The Commission is to hold an inquiry into the market for the supply of home loans. The inquiry is not to extend to any of the following:

 

(a)  the supply of a good or service by a State or Territory authority;

(b)  the supply of a good or service that is an exempt supply;

(c)  the conduct of the Australian Prudential Regulation Authority or the Australian Securities and Investments Commission;

(d)  the conduct of a mortgage broker.

 

Note: The matters referred to in paragraphs (c) and (d) fall within scope of other inquiries.

 

(3)    The inquiry is to be held in relation to goods and services of the following descriptions:

 

(a)  home loans supplied by authorised deposittaking institutions;

(b)  home loans supplied by Australian credit licensees;

(c)  home loans supplied by a person who would be covered by paragraph (a) or (b) apart from an exemption in force under the Banking Act 1959 or the National Consumer Credit Protection Act 2009.

(4)  The inquiry is not to be held in relation to the supply of goods and services by a particular person or persons.

 

6 Commencement of inquiry

 

The commencement date of the inquiry is 16 October 2019.