MFAA quarterly advocacy update: May-July 2025

Productivity is taking centre stage

Speaking up on the issues that impact your business is at the heart of what we do.

Recently, we’ve been active in key consultations — from ASIC’s plans to publish reportable situations and internal dispute resolution data, to AFCA’s proposed rule changes — making sure the broker perspective is heard.

We’re also zeroing in on the government’s productivity agenda, exploring what it means for mortgage and finance brokers, and how it could shape the future of our industry.

Productivity fuels stronger economic growth, higher incomes, and a healthier business environment for everyone. For our industry, it’s about helping you grow your business, deliver better outcomes for clients, and stay competitive in a changing market — without increasing costs or workload.

We heard that and more through our MFAA Business Growth Roundtable Series held in May and June where we connected with members nationwide to hear first-hand your ambitions, ideas and challenges. We’ll soon share how this has helped guide the MFAA’s FY2026 strategy.

When it comes to productivity for our industry — we want policy reforms that enable brokers to grow and thrive — from fairer tax settings and broader adoption of the Consumer Data Right to smarter use of digitisation and AI, and training standards that lift professionalism across the industry.

Read our submission to the Treasurer’s Economic Reform Roundtable here.

Read submissions since our last update here. 

Taking your priorities to Canberra

The MFAA was in Canberra late July championing the interests of mortgage and finance brokers during the first parliamentary sitting of the new Labor Government.

CEO Anja Pannek and Executive of Policy and Legal Naveen Ahluwalia met with key ministers, shadow ministers, regulators and senior officials, including Australian Small Business and Family Enterprise Ombudsman Bruce Billson (pictured above), to ensure broker priorities are heard at the highest levels. Key discussions centred on improving the home loan discharge process to deliver faster, smoother outcomes for clients; progressing open banking and the Consumer Data Right to make loan applications easier and more secure; and importantly, shaping a fair and fit-for-purpose Compensation Scheme of Last Resort.

Both sides of politics welcomed discussions on cutting red tape, ensuring consistent regulation, and strengthening small business support — reforms critical to enabling brokers to operate efficiently, serve clients more effectively, and continue delivering the competition, choice and financial confidence that Australians rely on.

Consultations

With the Federal Government in full swing, we are working on a number of consultations, including:

• Treasury consultation on reforming non-compete clauses and other restraints on workers.
  • Many broking businesses with employees or contractors rely on restraint clauses to protect their business so it will be important for any policy to distinguish between non-compete and non-solicitation clauses.
• Treasury consultation for how to fund the CSLR when estimated costs exceed a sub-sector’s levy cap. The consultation was triggered by the $47 million shortfall for financial advice sub-sector for the FY2025-2026 levy period.
  • Options include spreading the cost to all other sub-sectors, which puts our members in the firing line. Keeping additional regulatory costs fair and proportionate is key.
• The Department of Home Affair’s consultation on the next phase of Australia’s Cyber Security Strategy.
  • Many of our members have heeded the advice, undertaking steps to build their cyber resilience and protect themselves. But we know it’s an ongoing commitment and time-poor business owners face challenges balancing this priority with delivering for their customers.
• Guidance developed to support credit providers and credit reporting bureaus on the Credit Reporting Code requirements in relation to correction requests introduced in October 2024.
  • Consumers deserve an efficient, clear and consistent corrections process, including in situations where they’ve been a victim of fraud.

Members who are interested in sharing their views and perspectives, are welcomed to send an email to policy@mfaa.com.au.