Don't delay payday loan changes: Labor

The time has come for the federal government to better protect people taking out "payday loans", Labor has argued.

Greater protections for Australians taking out short-term, high-interest "payday loans" should no longer be put off, federal Labor believes.

The government introduced legislation in 2017 that would bring in stricter payday loan protections but it hasn't progressed, with the coalition suggesting it would wait until after the banking royal commission to deal with the issue.

"The findings of the royal commission are in. The time for sitting and waiting is over," Labor's Cathy O'Toole told parliament on Monday, after presenting the draft laws to the lower house again.