02 Apr MFAA commends Australia’s Minister for Small Business

The MFAA has praised the efforts of the Hon. Michael McCormack MP, Minister for Small Business and Federal Member for Riverina, for his engagement in the sector and his commitment to advancing the interests of small businesses.

As part of an ongoing dialogue that began during 2016, MFAA Chairman Cynthia Grisbrook and CEO Mike Felton met with the Minister in Wagga Wagga in NSW late last week to discuss the key issues facing the industry, including ASIC’s upcoming Review of Mortgage Broker Remuneration Structures and its Industry Funding Model Review.

This meeting is part of a program by Ms Grisbrook and Mr Felton to represent the entire industry and engage at all levels of government, including regular meetings with key Ministers and regulators such as ASIC, to advocate on behalf of members and ensure the MFAA is represented in policy conversations.

Ms Grisbrook said she was pleased to have the opportunity to provide a full briefing to the Minister on the industry’s role in supporting small business in Australia – particularly in rural and regional Australia.

“Mike and I were able to present our critical role in Australia’s private sector, which is driven by small businesses. Indeed, more than 80 percent of our 12,600 members are small businesses themselves, which is significant,” Ms Grisbrook said.

Mr Felton said the Minister demonstrated a clear commitment to the sector and the impact of the current issues the industry is facing.

“We were able to discuss various incentive structures with the Minister and the importance of ensuring that we do not remove incentive frameworks that encourage brokers to provide accessible and competitive financial services for consumers – especially those in regional and rural areas,” Mr Felton said.

“Our industry provides business support to small businesses across Australia, and in fact, most of Australia’s 17,000 brokers are indeed small businesses and sole operators themselves. These brokers play a critical role in rural and regional areas, given the reduction of retail banking in many towns.”

The Minister indicated he would continue to follow the developments of ASIC and other stakeholders, and that he would accept an invitation to attend an MFAA Member’s Breakfast in Sydney next month to hear more directly from members from all over Australia.