Industry calls for boost to small business and housing productivity
Responding to treasurer Jim Chalmers’ announcement of 10 economic reform priorities, the Mortgage & Finance Association of Australia (MFAA) has underscored the importance of mortgage and finance brokers in supporting economic growth.
“It is pleasing to see the federal government open to reform,” said Anja Pannek (pictured), MFAA chief executive. “The treasurer’s reform priorities set the right direction. Now we need detail and delivery.
“The reform priorities announced by the treasurer recognise small businesses need streamlined regulation and secure digital frameworks to thrive. This is what our members are asking for – modern compliance settings, smarter tax reform, and secure tools such as CDR and Digital ID so they can deliver better outcomes for Australians.
“Brokers now support the majority of new home loans and a growing share of commercial lending. Their efficiency and resilience are critical to lifting housing supply and national productivity. Supporting brokers means supporting Australia’s economy.”
The MFAA’s recent submissions to the Productivity Commission’s five-pillar inquiry, which align with several of the government’s reform priorities, identified four main areas for action: reducing obstacles to digital adoption for small businesses, streamlining regulatory systems, supporting small business growth, and advancing tax reform.
The association has called for measures such as enabling secure digital tools like the Consumer Data Right and Digital ID, removing redundant compliance requirements, and making the instant asset write-off scheme permanent. Payroll tax was also identified as a barrier to employment and investment.
In its follow-up submission, the MFAA advocated for a broader national discussion on tax reform, including changes to the GST and the removal or revision of inefficient state taxes such as stamp duty and payroll tax. “We see the removal of inefficient state taxes as a key enabler to improving outcomes for small broking businesses and access to home ownership,” Pannek said.
The Productivity Commission has released interim reports for the five-pillar inquiry, with submissions on its recommendations due by Sept. 15. Final reports are expected in December and will inform the government’s next steps.
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