The Government admits it did not get its new lending rules right.

There'll be further tweaks to consumer lending regulations, including narrowing the expenses considered to exclude discretionary spending.

Double counting will also be reduced when it comes to credit contracts.

Commerce and Consumer Affairs Minister David Clark told Mike Hosking if you don't get it right, it's important to fix it quickly.

“If you’ve had thorough a review done, it pays to take the advice from it and make sure the law is working as well as it can.”

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