Michael Sukkar MP

Federal Member for Deakin
Shadow Minister for Social Services
Shadow Minister for the NDIS
Shadow Minister for Housing
Shadow Minister for Homelessness
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Constituency Statement: Mortgage Broking Industry

I want to now voice my support for mortgage brokers and, to all of those outstanding men and women who offer outstanding service to Australians, offer our wholehearted support on this side of the House. There’s no doubt that, in the wake of the recommendations from the banking royal commission, there are many in the Australian mortgage-broking industry who have been concerned about what path will be taken in relation to the recommendations. I want to commend the Treasurer and the Prime Minister for making very clear that any response to the banking royal commission as it relates to mortgage brokers will ensure that this very vital and necessary service provided to hundreds of thousands—indeed, millions—of Australians will continue.

We know there are more than 16,000 mortgage brokers, employing nearly 30,000 people, who service first home buyers and, indeed, all of us and who do an outstanding job. These are people who offer enhanced competition by ensuring that smaller lenders are given the opportunity to interact with customers. In my case, I’ve had the same mortgage broker for 20 years and have always received outstanding service from these people. The tagline that the mortgage-broking industry has gone with is, ‘Don’t put brokers out of work just to support banks.’ I want to wholeheartedly support them today in the chamber and am very confident that everybody on this side of the House will do so as well.

Click here to access a PDF copy of the Hansard transcript for this speech.