Lucky you: MFAA, FBAA say new government is 'good news' for brokers

by Mackenzie McCarty09 Sep 2013

Both MFAA CEO, Phil Naylor and FBAA president, Peter White, hold high hopes for the new government, saying Tony Abbott’s leadership will likely mean fewer additions to regulatory policy.

“As I’ve said many times, our role is to work with whichever government is elected and we certainly have a good relationship with the Coalition,” says Naylor. “We will continue to work with them to make sure the regulatory environment in which our members operate is favourable.”

The industry leaders both believe the new government is less likely to initiate regulatory intervention when it comes to the broking industry.

“Some areas have been over-regulated, so I think there will be some positive outcomes for brokers,” says White.

“[The new government] has promised that they will not be pushing through new regulation, but they will have to complete things sitting on the table – the motor finance sector and small business lenders may or may not be impacted by NCCP and [the Liberal party are] very understanding of where we’re coming from, so I see that as a good thing from the broking side of things.”

Naylor agrees, adding that while the MFAA supported some of Labor’s initial regulation in the development of NCCP, they felt the government started to go ‘too far’.

“We think the Coalition, probably, will be closer to our point of view - we’ve had enough regulation and we just need to let things settle down,” he says.

However, White cautions that the prospect of another hung Sentate is not off the cards – a situation which he believes would negatively impact the industry.

“I think [Tony Abbott’s election] is a good result for business and broking industry – the only thing we won’t know is where things are going to sit in the Senate. It looks like they’re not going to get majority, so it’s going to be difficult for the Liberals to get policy through,” says White.

“The beauty for us is we’ve been dealing with them for a long time and we get along with them well. We’re at the forefront when it comes to the Liberal government and I think we’re both singing the same tune. I think we’ve got a great time for brokers in front of us.”

Finally, both the MFAA and the FBAA believe the introduction of a Coalition government will initiate a more stable period in the broking industry.

“I think that’s what the Australian economy needs,” says Naylor, “we need stability, certainly as to where the economy’s going and where policy is going.”

COMMENTS

  • by sidbroker 9/09/2013 10:19:23 AM

    To MFAA. and FBAA. OK GUYS ITS SHOW TIME. Now is the time for you both to earn your salt. NCCP needs to be bought way back under control the same as what we have just done to Mr. Rudd and Labor. No point in talking abbott the Abbott Govt. not messing with things to much. The FACT is NCCP is not workable. Where were you both when Rudd, Swan and Co. bought it in. I will tell you that you kept your heads low and just let them roll over the top of all Australains. Time to fix it guys. I for one have you on notice.

  • by M C 9/09/2013 10:34:47 AM

    Interesting comments. If you are asked many overseas economic analysts you might find them scratching their heads to understand why the Government had to change? One of the Coalitions key policy platforms was the removal of the Carbon Tax which the coalition advised was the reason why consumers were paying more for energy usage. Consumers hip pockets have been hurt considerably via increased utility & transport costs over the last 10 years. The NSW commission of Audit report in May 2012 evidences there was a 43% increase in energy prices between 2007 & 2010, well before the Carbon Tax was inrtroduced & due to large Capex program being undertaken by the likes of Transgrid. Those Capex costs were passed on to consumers in higher prices. Not wanting to 'rain on the parade' but take care in just considering less regulation will suddenly make life somehow easier. Making sweeping statements about stable government needs to be substituted by reaching sound conclusions after researching facts.

  • by L S 9/09/2013 12:40:17 PM

    With the CONservatives now in, I'm out.