The National Consumer Credit Protection Reform package is dependent on the States referring their powers to the Commonwealth under the COAG agreement which established the package.

Tasmania became the first State to introduce the required legislation into its Parliament on 7 October (see the Commonwealth (Credit Powers) Bill.)

The other states will make similar referrals in coming months.

UPDATE: The Credit (Commonwealth Powers) Act 2009 (Tas) was assented to on 12 November 2009.