The federal government will take over responsibility of all remaining areas of consumer credit by June 2009, the Council of Australian Governments (COAG) agreed today.
This includes the regulation of mortgages, mortgage broking, margin lending, payday lending, and financial counselling services.
"This is a major reform in an area which has been crying out for reform for a long, long time, and necessary at times like this," Prime Minister Kevin Rudd told reporters after today's COAG meeting in Perth.
Mr Rudd said the governments had also agreed to develop a national energy efficiency strategy to tackle climate change.
He and the premiers had agreed to aim to have such a strategy ready by the end of this year.
"This is important, always referred to in the public debate as the low-hanging fruit of the climate change agenda," he said.
"(It's) the best way, the most effective way, and the earliest way, of bringing down greenhouse gas emissions."