Australian Superannuation and Corporate Law Minister Nick Sherry Mortgage announced on Monday that brokers will have to be licensed and tougher penalties for irresponsible lending will be introduced as part of an overhaul of consumer credit laws.

"This law will see simple, standard, national regulation of consumer credit for the first time in our country's history," Senator Sherry told reporters in Canberra.

According to Sherry, the Australian Securities and Investment Commission (ASIC) will get an extra 66 million Australian dollars (US$47 million) over four years as part of the overhaul.

Senator Sherry has unveiled draft legislation aimed at giving greater protection to the more than 5.7 million Australian households that currently hold debt.

The overhaul will see the commonwealth take over eight different sets of regulation and establish a national Australian credit license regime for lenders and brokers to be overseen by ASIC.

Senator Sherry said he hoped to introduce the bill into parliament in June, with the expectation it would be passed by September.

(Xinhua News Agency April 27, 2009)