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A plan to force the big four banks to take part in a comprehensive credit reporting regime will create more competition in the lending market and benefit consumers, the government says.

Assistant to the treasurer Michael Sukkar introduced legislation to parliament on Wednesday that would require the banks to report consumer credit information from July 1, saying it would put smaller lenders on a more even playing field with the major banks in respect to accessing credit information, which would drive competition.

‘Greater competition in the lending market should benefit consumers by being offered greater access to finance and, importantly, better pricing,’ he said.