The Council of Australian Governments (COAG) reached an in-principle agreement on 26 March 2008 that the Australian Government would assume responsibility for regulating mortgage credit and advice, including non-bank lenders and mortgage brokers, as well as margin loans. COAG also agreed to investigate what other credit products, such as store credit and personal loans, best sat within the Commonwealth's regulatory responsibility.
Subsequently, on 3 July 2008, COAG agreed that the Australian Government would assume responsibility for regulating all consumer credit products.
At the 2 October 2008 meeting, COAG also agreed to a two phase implementation plan for the Australian Government to assume responsibility for all areas of consumer credit.
At its April 2010 meeting COAG endorsed an amended implementation plan for the second phase of the credit reforms.
View the COAG Communiqués at www.coag.gov.au .