2 December 2019
Building off a series of political roadshows and events that have occurred over the last 12 months, AFIA returned to Canberra to continue the dialogue around ensuring Parliament understands the need for consumers and commercial entities (in particular small businesses) to be able to access finance to facilitate their future endeavours and more importantly drive growth in the Australian economy.
In addition, as part of this series of meetings, we focused on the Royal Commission’s recommendations as well as other emerging developments in the consumer, motor and small business lending space.
Meetings were held with:
The Office of Senator the Hon Mathias Cormann, Minister for Finance and the Public Service, Vice President of the Executive Council, Leader of the Government in the Senate, Senator for Western Australia
The Office of the Hon Anthony Albanese, MP, Leader of the Opposition, Member for Grayndler
Jim Chalmers, Shadow Treasurer, and the Federal Member for Rankin
Senator Jane Hume, Assistant Minister for Finance and Financial Technology and former Deputy Chair of the Senate Committee on Economics
Stephen Jones, Shadow Assistant Treasurer and Shadow Minister for Financial Services, and the Federal Member for Whitlam
Hon Matt Thistlethwaite MP, Shadow Assistant Minister for Treasury, Federal Member for Kingsford Smith
Senator Slade Brockman, Senator for Western Australia and Chair of the Economics Legislation Committee
The office of Senator Katy Gallagher, Senator for the ACT.
AFIA also heard from the Treasurer of Australia and Deputy Leader of the Liberal Party, Josh Frydenberg, at the Australian Chamber of Commerce and Industry Annual Business Leaders Forum.
More details will come out over coming months but key take-outs for members are:
a definite increasing appreciation and understanding of the AFIA brand and value to political, Treasury and small business influencers
appreciation that one of AFIA’s points of differentiation and value propositions is its diversity of membership voice – one which covers a broad cross section of traditional and emerging areas of finance
recognition of AFIA’s broad position i.e. the need for consumers and commercial entities (in particular small businesses) to be able to access finance to facilitate their future endeavours and more importantly drive growth in the Australian economy and in a post Royal Commission environment, the need not to over-regulate and run the risk of restricting access to credit
appreciation of the economic impact of removing the Point of Sale exemption without an appropriate solution that addresses the findings of the Royal Commission and balances this with the needs of customers, retailers, motor dealers and financiers to these important distribution channels
recognition of the work AFIA has undertaken and the Board’s continued focused on self-regulation as a strategic priority.