Mortgage broker parasites swarm Hayne reforms

Thursday, 6 December 2018

Australia’s mortgage broking industry is preparing to engage in the 2019 Federal Election campaign, with plans to enlist support from home borrowers who want lenders to continue paying commissions.

Large aggregator groups such as AFG, Loan Market and Connective are already encouraging affiliated brokers to lobby against proposals advanced by Commonwealth Bank to outlaw commission-based remuneration.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.