Australia’s peak finance and mortgage broking bodies have welcomed the appointment of Daniel Mulino as assistant treasurer and minister for financial services, emphasising their ongoing advocacy for broker-related reforms and housing accessibility.
Peter White (pictured left), managing director of the Finance Brokers Association of Australia (FBAA), congratulated Mulino and expressed optimism about continued collaboration.
“The FBAA has enjoyed a close relationship of mutual respect with the federal government over many years, which has resulted in significant progress for the finance and mortgage broking industry,” White said.
He added that FBAA would keep the new minister fully informed on critical sector data.
“The minister of course will have access to the data that the FBAA has provided across areas like clawbacks, buffer rates, and many other important issues,” White said.
“I am looking forward to bringing him up to date on all of these issues and believe the transition will be seamless due to our strong standing with many senior members of the government including Treasurer Jim Chalmers, Prime Minister Anthony Albanese and Finance Minister Senator Katy Gallagher, who visited our office some time back to discuss policy that impacts the industry.”
White also congratulated Sussan Ley on becoming the new opposition leader.
“I particularly honour her as the Liberal Party’s first female federal leader,” he said.
White emphasised FBAA’s regular engagement across political lines and noted housing policy’s impact on voters.
“There is no doubt that the ability to own a home and secure a mortgage played a significant role in the decisions of Australians at the election,” he said.
On policy, White highlighted the association’s efforts around buffer rate reform.
“The FBAA has led the national debate around the buffer rate, and we have provided the government with a way to make a huge difference in the lives of hundreds of thousands of borrowers, at no cost to taxpayers,” he said.
“This is just one of the issues that we will be discussing with Dr Mulino and other senior ministers that will focus on the best outcome for borrowers and our industry.”
The Mortgage & Finance Association of Australia (MFAA) also congratulated Mulino, along with Clare O’Neil, who remains minister for housing, and Anne Aly, now minister for small business.
MFAA CEO Anja Pannek (pictured right) welcomed the appointments, noting Mulino’s prior involvement with industry matters.
“Dr Mulino led the Inquiry into Promoting Economic Dynamism, Competition, and Business Formation where we had the opportunity to brief him on the important role brokers play in providing choice and competition,” Pannek said.
She affirmed MFAA’s commitment to maintaining strong engagement with the federal government.
“We look forward to continuing to engage with Dr Mulino in his capacity as the new Assistant Treasurer and Minister for Financial Services,” Pannek said.
“This includes highlighting the critical role of mortgage and finance brokers in providing choice and competition for both home loan borrowers and business owners. We also want to ensure that the regulatory environment, including the broker Best Interests Duty, is fit for purpose and producing good consumer outcomes."
MFAA outlined several immediate focus areas for the government:
“We look forward to continuing engagement with Dr Mulino, Hon Clare O’Neil and Hon Anne Aly, advocating for the interests of our members and the mortgage and finance broking industry,” Pannek said.
