Revived government plan to help borrowers

The Morrison government has revived draft laws to create a new lending regime where good borrowers can demand a better deal.

The government wants the mandatory comprehensive credit reporting regime - flagged in 2017 - to force banks and other lenders to compete for the best customers.

"Consumers will have better access to credit and will be able to use reliable credit history to seek more competitive rates. Those consumers who posses a poor credit rating will be able to demonstrate their credit worthiness through future reliability," Treasurer Josh Frydenberg told parliament on Thursday.