July 09, 2009

THE big four bank bosses lobbied Wayne Swan last month about hostile proposed laws, amid intensifying industry concerns that the Federal Government will seek voter-friendly concessions as the nation emerges from the financial crisis.Unlike previous occasions when they were summoned to Canberra, the bank chiefs sought the meeting with the Treasurer because of concern about the volume of legislation being pushed through without consultation, The Australian reported.

"The level of consultation wasn't appropriate and the Government has addressed the issue," a source said.The industry's concerns, among other things, related to consumer credit and unfair contracts, as well as changes to the personal bankruptcy law that would reduce the maximum bankruptcy period to 12 months from 36 months for first-time bankrupts.The fear was that the unfair contracts legislation would create a burden by requiring a complete rewrite of standard-form industry contracts.