The Ministerial Council for Consumer Affairs (MCCA) has agreed to reform the scheme of Mandatory
Comparison Rates in the Consumer Credit Code. There was in principle
agreement to repeal the requirement to provide consumers with
“schedules” of comparison rates, while the format and calculation of
comparison rates in credit advertisements will be substantially
revised.

MCCA has publicly released the Final Impact Statement on Mandatory Comparison Rates (pdf).

The Statement concludes that:

The effect of ceasing the MCR regime would appear to have minimal negative impacts on credit providers and a slightly increased risk of confusion for consumers that is partly offset, in the mortgage industry particularly, by the existence and growing use of secondary market players: independent information providers and brokers…

It has not been possible to demonstrate that a net benefit to the community will be derived from the continuation of the MCR regime in its current form, resulting in a strong case for MCR to sunset.