Industry transparency "at its maximum"

by Melanie Mingas13 Aug 2019

A high-level panel discussion at the Aussie Home Loans’ 2019 conference rallied brokers to see the opportunities that exist in industry change.

Chaired by Ross Greenwood, the panel featured John Symond, chairman and founder, Aussie Home Loans; Ita Buttrose, chairman of the board at the ABC; and ANZ chief executive officer, Shayne Elliott.

Addressing a packed-out ICC auditorium on Monday morning, Symond encouraged brokers to leverage the positives in the last 18 months.

“From tremendous uncertainty over the last 12 to 18 months, things have settled down. Brokers have had the spotlight on them in the media and that has never happened before. People, media and politicians now better understand the important role of the broker and with that comes great responsibility,” he said.

Highlighting the impact this has had on transparency, he continued to say that the future looks positive.

“The vast majority of brokers across the country do the right thing but you have to be on your toes because the transparency of how you go about your business is now at its maximum between government, media, regulators.

“But what a good opportunity. The housing market has turned – I believe it has settled down and in the majority of areas I think it is flat – if you have a look at the outlook compared to 12 to 18 months ago, it’s bloody fantastic,” Symond added.

Adding to the commentary, Elliott echoed his sentiments.

“The short-term time pressures, all those things are true. The economy is slower, and more people are doing it tough than we have been used to. But you have to put it into perspective, things are still pretty good,” said the CEO.

However, Elliott continued to say that embracing such change is the key to survival.

“Banks and brokers that accept and understand the level of change and really lean into that and radically change their business and operating models, will win. Those that try and hang on… will die. There’s a big shift ahead of us but there is a prize out there for people who understand the level of change required,” he said.