A Vision for the Future
The Hon. Luke Howarth MP, Shadow Assistant Treasurer & Shadow Minister for Financial Services
Noted how the finance sector stimulates the economy and helps businesses grow.
The Economy and cost of living crisis
There has been a collapse in disposable income. Australia is at the back of the international pack
Major economies have seen a decline in inflation but not in Australia.
Acknowledges AFIA’s work in developing hardship response.
Self-regulation helps businesses to stay at forefront of community expectations and reduces the need for government intervention.
Need to address the housing crisis
Australians need the opportunity to own their own home. While more reform needed, Coalitions supports/proposes:
o Successful Home Guarantee Scheme
o Super Home Buyer policy
o Improving mortgage eligibility by adjusting prudential requirements for mortgages
o First Home super saver scheme
Reforms and productivity
BNPL plays important role to help people smooth out their finances. Legislation should be scalable and proportionate.
Innovation in financial services was not a priority of the current government. It was the Coalition that introduced the CDR.
Productivity has fallen under the current government.
Affirmed that Peter Dutton and Angus Taylor both have a great understanding of what the Australian economy and this industry needs.
The Shadow Minister urged members to contact his office to let him know what regulation needs to be reduced to help Australians at the grass roots level.