Buy now, pay later offerings will be regulated as credit products by mid-2023, but the laws applying to the sector will not be identical to those governing other forms of debt such as credit cards.
Financial Services Minister Stephen Jones said Labor would amend national credit laws to encompass the emerging BNPL sector.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
