In its Pre-Budget Submission, the Mortgage & Finance Association (MFAA) of Australia has urged the Federal Government to prioritise borrowers and small business owners. The MFAA’s submission highlights four key priorities that focus on positive customer outcomes, helping broker business owners to manage cybersecurity risk, enhance productivity and focus on sustainability.
In its submission the MFAA has again emphasised the critical role of mortgage and finance brokers in the Australian economy, particularly as inflationary pressures and higher interest rates impact cost of living for Australians.
“The Federal Budget presents an opportunity to focus on assisting Australian households and small businesses to weather challenging economic conditions through enhancing competition in the home loan and business lending sectors and continuing to ensure regulatory and policy settings for the mortgage and finance broking industry are fit for purpose,” said MFAA CEO Anja Pannek.
The four priority areas the MFAA is calling for the Government to focus on when delivering the 2024–2025 Federal Budget are:
The MFAA makes a total of 18 recommendations across these priority areas.
Speaking on the submission, Ms Pannek reiterated that it provides a comprehensive record of the many policy areas the MFAA are monitoring and advocating for on behalf of MFAA members, so our members can continue to provide the essential services they offer to Australians.
“Advocacy is a cornerstone of what the MFAA does, and we have a consistent history of achieving real outcomes for the industry,” she continued.
“We engage proactively with stakeholders across governments, regulators, consumer groups and other industry associations to influence, shape and inform policy and regulatory settings that are impacting, or could impact, firstly our members and additionally their clients” she commented.
“We successfully led the charge on the cancellation of the 2022 review of broker remuneration, and more recently, the stop action on payroll tax and the reinvigoration of the ACCC Home Loan Price Inquiry.
“Reflecting on our 2023-2024 budget submission, pleasingly many of our recommendations shaped government policy, including the expansion of government home guarantee schemes to positively increase home ownership rates, the reinvigoration of the Home Loan Price Inquiry to deal with discharge issues and the expansion of the mortgage broker reference checking protocol.
“And, through our 2024–2025 pre-budget submission we continue with our ambitious policy agenda for the benefit of our members and the mortgage and finance broking industry.”
In addition, continuous monitoring of the macro-economic outlook and stakeholder engagement are vital to constructive advocacy and achieving outcomes for members according to Ms Pannek.
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