Into the mainstream: The Australian payday loans industry on the move

The Australian payday industry has experienced remarkable growth since the establishment of the first payday outlet on Queensland's Gold Coast in 7998. Due to the industry's prominence in the consumer finance market, criticism from some quarters inc/udmg consumer advocates and the federal government resulted m regulal!on of the mdustry in March 2073. Since then, marked changes have taken place withm the industry including the restructure of the domestic market. augmentation of the lillle-researched online small loans market and a widening of the customer base. As the industry rnoves towards the mainstream of consumer fJr?ance, we believe that traditional views about the role or the industry musl be updated to better reflect these developments. This will be essential to inform the muchanticipated policy debate ahead of the federal government review of the industry set to commence in July 2075.