House debates

Tuesday, 19 February 2019

Questions without Notice

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

2:09 pm

Photo of Josh FrydenbergJosh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

The reality is that there are 17,000 mortgage brokers in this country employing around 26,000 people, and 75 per cent of those mortgage brokers are sole traders. They work in all the regional communities and they are helping put together more than half of the mortgages across Australia in the residential mortgage market. The Labor Party have said they're going to implementation every single recommendation. That means they're going to smash competition in the housing market. They're going to bring a sledgehammer to mortgage brokers, and that means they're ignoring the recommendations of the Productivity Commission and they're going to give a big free kick to the banks. All the mortgage brokers across Australia, and their employees and their families, know that the coalition is standing with them. But they know that the Labor Party is preparing to implement every single recommendation of Hayne, which will actually bring a sledgehammer to their business model. So only one side of the parliament stands with mortgage brokers, and it is the coalition.

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