But industry body urges further action on SME incentives and regulatory clarity for brokers
The Mortgage & Finance Association of Australia (MFAA) has provided a measured response to the Federal Budget, acknowledging support for housing affordability while raising concerns about small business incentives and employment regulation.
MFAA chief executive Anja Pannek (pictured above) said the Labor government’s budget was focused on easing cost-of-living pressures, with several initiatives aimed at helping Australians enter the housing market.
Among the key housing measures was an $800 million investment to expand the Help to Buy equity scheme, including increases to property price and income thresholds.
“The MFAA will be working closely with Housing Australia to provide information on the Help to Buy scheme to our members so clients can access this new government scheme,” Pannek said.
Although no new funding was announced for the Home Guarantee Scheme, the MFAA chief welcomed continued government efforts to help home buyers.
“We welcome continued support for buyers including first-home buyers to enter the market, to own a home and to build a secure financial future with the assistance of their mortgage broker,” she said.
Cybersecurity also featured in the Federal Budget, with the government confirming $60 million in ongoing funding for digital safety programs, first announced in 2023–24. This includes support for the Cyber Wardens initiative, which the MFAA endorses.
“Cybersafety is critical for our members who run small businesses,” Pannek said. “We continue to encourage all of our members to complete the Cyber Wardens program.”
However, Pannek flagged concerns around the proposed restriction on non-compete clauses for lower- and middle-income workers, suggesting the policy could have unintended consequences for broking businesses. “We are keen to engage with the government further on this matter,” she said.
The absence of an extension to the $20,000 instant asset write-off was also criticised, with Pannek describing it as a missed chance to assist small and medium enterprises.
“The feedback we have had from our commercial and asset finance broker members is that the instant asset write-off is important and something they value,” she said. “A permanent scheme will provide certainty to our members and their small business clients.”
The MFAA said it would review the opposition’s upcoming budget reply closely.
“In this election year, we look forward to working with the future elected government to advocate for the interests of the mortgage and finance broking industry,” Pannek said.
In its pre-budget submission, the MFAA called for greater competition in home lending, targeted cybersecurity funding for SMEs, appropriate regulatory frameworks for brokers, and collaboration on sustainability and social impact initiatives.
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