Labor is urging the federal government to prioritise draft legislation to limit payday loans and help 1.8 million Australian households in financial distress.
Labor MP Milton Dick says 800,000 households were risking bankruptcy by using short-term loans to get by between paydays, with interest rates for the loans reaching up to 900 per cent.
"The hundreds of thousands of Australians preyed upon by the loan sharks deserve this parliament's attention and deserve this parliament's protection," he told the lower house on Tuesday.
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