Daylight saving starts 7 October

Tasmania starts daylight saving on 7 October 2007.

Australian Capital Territory, New South Wales, Victoria, Western Australia and South Australia start on 28 October. All end on 30 March, 2008, except South Australia which ends on 6 April 2008.

Queensland and the Northern Territory do not have daylight saving.

Confused? Use ABC's Clock.

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NSW Mortgage duty changes

The NSW State Government has brought forward the complete abolition of mortgage duty from 1 January 2011 to 1 July 2009.

In the meantime, from 1 September 2007 no mortgage duty applies to the financing of owner occupied housing .

No mortgage duty will apply to the financing of investment housing from 1 July 2008.

More

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Consumer Credit Code amendments update

The recent call by the Treasurer for the States to accelerate work on the licensing, conduct and disclosure of mortgage brokers has put pressure on the States to provide an update on consumer credit code review progress.

The Ministerial Council on Consumer Affairs has now announced that:

• It is anticipated that a draft exposure Bill for the mational regulation of finance brokers will be released by December 2007.
  
• In response to concerns raised about reverse mortgages, the Ministerial Council on Consumer Affairs has agreed that there should be a prescribed Information Statement for reverse mortgages and a statutory protection against negative equity.
  
• The Ministerial Council on Consumer Affairs has agreed to investigate the introduction of mandatory participation in external dispute resolution by all providers of consumer credit. The consultation regulatory impact statement is being prepared.
  
• Consultation on the bill facilities regulation amendment has now closed. It is anticipated that the regulation could be made as early as the end of October 2007.
  
• As part of an ongoing review of the fringe credit industry, the Ministerial Council on Consumer Affairs has invited comments on the exposure drafts of the Consumer Credit Code Amendment Bill 2007 and Consumer Credit Amendment Regulation 2007. The deadline for submissions has been extended until 5 October 2007.
  
• In respect of reform to pre-contractual disclosure, the Standing Committee of Officials of Consumer Affairs has agreed to UCCCMC commissioning research, by an independent consultant, into pre-contractual disclosure with the goal of developing a disclosure
  model which addresses the needs of consumers. Negotiations are currently underway with the preferred tenderer.
  
• In respect of instalment contracts, a Bill has been finalised and submitted to the Ministerial Council on Consumer Affairs for approval to be made by the Queensland Parliament.
  Provisions affecting solicitor lending have been removed altogether
  pending further consideration of the underlying issues.
  
• A consultation regulatory impact statement on responsible lending through credit cards is being prepared and should be released before the end of the year.
  
• An independent review on mandatory comparison rates is still being considered.

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