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Thursday, 4 April 2019
Page: 14910

Banking and Financial Services

As reviews by ASIC, the ABA and the Productivity Commission have found, brokers drive competition by providing a shopfront for smaller lenders, particularly for rural and regional customers. Australia has a population density of 3 people per square kilometre. It is one the least densely populated countries in the world, only Mongolia, the Western Sahara and Suriname have less. We are critical to the health and fairness of Australia's mortgage lending market, ensuring all Australians can benefit from our financial advocacy and mentoring. Our ability to protect an Australian's best interest is our key business driver. We fail to see how decimating the broker channel, leaving Australians with a handful of lenders to choose from, is good for competition, or good for customers. The negative impact of imposing the changes recommended by the Hayne Royal Commission will flow onto to the real estate, construction, the legal and professional services industries. It will create a long-term, sizable economic downturn that will impact the housing affordability nationally and restrict growth enormously. The Australian small business sector as a whole, is heavily reliant on these key industries for ongoing prosperity and longevity. All these claims are easily verifiable and can be confirmed from available financial data. The major banks will always put profit before people and are confident in their protection by the corporate veil.

We therefore ask the House to not implement the recommendations of the Royal Commission into Banking that impact the Mortgage Broking industry in anyway now or in the future.

from 467 citizens (Petition No. EN0862)