“I am in awe of what you do,” said Minister for Small Business Michael McCormack to a room full of brokers in Sydney yesterday (26 April).
At a breakfast event held by the Mortgage & Finance Association of Australia (MFAA), the minister spoke of the challenges and opportunities that brokers face each day from areas such as housing affordability, the banking sector, regulation & government, and innovation.
“I truly am in awe of what you do because I know. I ran my own small business for eight years,” he said.
“If you can’t trust your broker, who can you trust?” he asked.
“I know and my government knows and appreciates what you do, not just for the small business sector, but what you do for your customers & Home Owners… those people who need finance, those people who need good advice.”
The government acknowledges the importance of mortgage brokers and the service the industry provides to customers across Australia, he said, especially as banks reduce their footprint in regional areas.
“It’s for all those reasons why your industry is so strong and we as a government want to make it even stronger. In the past year, the industry has expanded by 4% and brokers now write more than 50% of all home loans.”