Chris Bowen (Prospect, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The honourable member has raised this issue with me previously, and I am aware of his concern about mortgage broking—particularly in his electorate, which is one of the areas of highest mortgage stress in the country. The Council of Australian Governments decided earlier this year that the Commonwealth would take over on mortgage broking. My colleague the Minister for Superannuation and Corporate Law has released to me and other Treasury ministers and the Minister for Finance and Deregulation the green paper that you refer to, in relation both to that and to the Commonwealth taking a broader role. This is something under consideration by the Council of Australian Governments and also, although not deliberatively but in a consultative fashion, by the Ministerial Council on Consumer Affairs, on which I sit. We are very interested in taking more of a role in relation to payday lenders and others.

The honourable member is right: the Baird committee recommended a Commonwealth takeover of mortgage brokers. It is something that this government is committed to doing. The green paper goes to that and to a broader schema, and we will respond to the green paper in due course.

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