Federal Budget 2024-25

The MFAA called for measures to support competition, ensure access to brokers, and remove barriers to refinancing.

MFAA recommendations

• Implement ACCC Home Loan Price Inquiry recommendations
• Ensure government home guarantee schemes include mortgage brokers
• Provide an orderly transition from screen-scraping to consumer data right (CDR) technology
• Remove unnecessary barriers to like-for-like refinancing
• Co-invest with MFAA in financial literacy initiatives

Budget outcomes

• Home Guarantee Schemes continue alongside the Help to Buy Scheme to support home ownership
• HECS loan indexation reform, saving an average of $1,200 per student
• $1.3 million allocated to implement competition reform measures

The MFAA advocated for ongoing government support to mitigate cyber risks affecting brokers and small businesses.

MFAA Recommendations

• Provide cybersecurity grants to small businesses
• Increase funding for the Australian Cyber Security Centre (ACSC)
• Modernise ASIC’s online services and regulatory portals
• Improve digital identity verification to reduce fraud risks
• Continue investment in digital literacy initiatives

Budget Outcomes

• $206.4 million over four years to modernise APRA and ASIC systems and enhance cybersecurity
• $288.1 million to expand Australia’s Digital ID system
• $68 million for digital literacy programs in remote communities
• $1.8 billion to strengthen cybersecurity for essential services
• $67.5 million to combat scams and online fraud

The MFAA sought policy settings that reduce unnecessary compliance burdens on brokers and small businesses.

MFAA recommendations

• Ensure consistent payroll tax legislation across states
• Keep regulatory costs proportionate for small businesses
• Address Financial Services Royal Commission reforms
• Conduct thorough consultation before removing the small business exemption from the Privacy Act
• Continue digitisation of the home lending process

Budget outcomes

• $39.9 million over five years to support safe AI adoption
• $13.9 million over five years to develop a Regulatory Initiatives Grid for greater transparency and industry collaboration
• $20.5 million for small business workplace relations support, including the Employer Advisory Service

The MFAA recommended targeted initiatives to help small businesses navigate the transition to net zero.

MFAA recommendations

• Expand small business tax incentives
• Invest in ESG education through the Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
• Support brokers in facilitating decarbonisation of Australian residential property

Budget outcomes

• $20,000 instant asset write-off extended for another 12 months
• $325 energy bill rebate for eligible small businesses
• $10 million over two years for public education on the net zero transition
• $1.3 million over four years to develop best-practice guidance for businesses on net zero transition planning