In Australian politics, the equivalent of the U.S. Democratic Party is the Labor Party but the latter is more openly socialist than its American counterpart. After all, being branded as a socialist in the Australian political arena does not affect the views of Australian voters. Mainly because socialism has been part of the country’s politics since the establishment of the Australian government.
Still, there are similarities between U.S. Democrats and AU Labor Party because both push for policies in favor of the working class and the economic conditions of the underprivileged families, regardless of their race, religion, culture and/or sexuak orientation.
Since the Labor Party is openly socialist, they have succeeded in pushing for progressive reforms that most Australians view as practical, as far as their welfare and economic well being are concerned. Unfortunately, the majority of American voters cringe at the mere mention of socialism when it comes to politics.
An Example of the AU Labor Party’s Success in Helping Ordinary Australian Citizens
One of the most significant achievements of the AU Labor Party is the exposure of the financial greed that used to prevail in Australia’s banking and financial institutions. Actually, the expose’ of the financial industry’s sales-driven culture was initiated by a group of Australian journalists. Yet the Labor Party acted on the matter by recommending the establishment of a Royal Commission to oversee the investigation of numerous bank scandals that took advantage of millions of Australians and their money.
In December 2017, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, investigated the allegations of misconduct by banks, pension organizations and financial service companies. The outcomes of which were revelations branded by the media as a “culture of greed” among several of Australia’s financial institutions.
An example of the sales-driven culture that prevailed in Australia’s financial industry were the faulty practices of many car dealerships. Dealers sold vehicles by way of auto loans even if a buyer did not have the financial capability to settle such financial obligations The accredited banks likewise simply approved the granting of auto loans that car dealerships passed on to them for servicing.
The long and short about this particular example is that the Royal Commission has recommended the abolition of the Point of Sale Exemption that enabled car dealers to offer and transact Auto financing deals even if they did not have the proper license to do so. As a result many Australian automotive consumers shelled money out of their limited budget just to pay for loan amortizations.
Most of these consumers eventually defaulted with their payments and therefore lost the vehicle they had purchased due to bank repossession actioms. Errant auto dealerships remained free from any legal responsibility in relation to their involvement in the facilitation of the bad auto loans. The servicing banks simply sold the repossessed cars in order to recover the money paid to car dealerships.
How National Loans Australia can Help Automotive Consumers
While the Australian government is yet to act on the recommendations of the Royal Commission, National Loans Australia (NLA) gives advice to automotive consumers not to be pressured into signing Auto finance contracts with car dealers.
NLA offers financial services by helping consumers find the right financing deals, since the group has had more than 24 years of expertise in the field of Auto finance. Moreover, they have built a sound relationship with more than 30 reputable banks and financing institutions, which is important in working out customised financing solutions for clients.
The people behind National Loans can also help those looking for a bank or financing company that accept car loan refinancing, with offers of the most affordable loan amortization payments.