The already-infamous CCCFA was implemented in December 2021 with the view to stop predatory lending practices. It went a bit further than that, and banks were refusing to take chances when there was a $200,000 personal fine for anyone found at fault. Lending, unsurprisingly, slowed right down in the lead-up and after implementation.
For Want of a Nail
Complaints about lending have increased with banks leery of the risk and opting to take a harsh line instead – leading to reports of people being turned down for mortgages because they were buying drinks at the dairy, spending money at Kmart, or because of pregnancy.