Canberra splits on mortgage broking future

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Via the AFR:

The biggest split is over mortgage brokers after the government baulked at the key recommendation in which the borrower, not the lender, would pay the broker the fee for arranging a loan.

Another is the recommendation to apply responsible lending laws to point-of-sale retailers, such as car dealers. Labor agrees with the recommendation while the government said it would “carefully consider” it whilst being mindful of the impact on businesses.

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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.