The economy, small business interests and climate change are more important than housing affordability to mortgage workers preparing for the federal election.
A new poll from Momentum Intelligence (a division of Momentum Media, the parent company that owns Mortgage Business) has revealed voter preferences for professionals in a number of industries, including the mortgage industry.
the Industry Analysis Report: Election Publishing focused on a survey of 2,842 professionals from seven sectors between December 1 and December 15, 2021.
Of a sample of 372 mortgage professionals (including brokers, lenders and aggregators) responding to the survey, 71% indicated a preference for the Liberal-National Coalition, compared to 22% for the Labor Party and 7% indicating that they didn’t know.
The majority (59%) favored Scott Morrison as Prime Minister, while 18% said they would prefer Opposition Leader Anthony Albanese and 23% said they didn’t know.
Alongside estate agents, the mortgage industry had the biggest margin of preference in keeping Mr Morrison in the top spot over Mr Albanese.
In contrast, the opposition leader received more support in the legal services sector, where participants were more likely to think Mr Albanese would be a better prime minister.
Key Priorities for the Mortgage Industry
The most important consideration when voting for the mortgage industry, confirmed by 74% of respondents, was the economy.
Small business interests followed, for 60% of voters, along with taxation for 47%.
Climate change and the environment (ranked by 42% of respondents) and dealing with COVID-19 (39%) take fourth and fifth place, ahead of housing affordability (37%).
Other issues are lagging behind, such as:
- Defense and national security (35%)
- Technology and innovation (29%)
- Freedom of expression, religion, etc. (29%)
- Corruption and Federal ICAC (16%)
- Humanitarian concerns (14%)
- Sexual harassment and related misconduct (13%)
- Gender, diversity and inclusion was ranked as the least important issue, at 10%.
Housing affordability has been a widely debated issue in the industry as home prices have continued to rise across the country. A recent report from Bluestone confirmed that 2021 was the worst year for affordability.
The recent parliamentary inquiry into the matter has been completed and a final report is expected to be tabled shortly.
However, a significant number of survey participants in the mortgage industry also raised concerns about the review of broker compensation and trailing commissions.
Several respondents, including a Liberal voter, a Labor supporter and an undecided participant, indicated that their vote would be determined by the parties’ attitude towards brokerage compensation.
But Stephen Jones, the fictitious deputy treasurer and minister for financial services and superannuation, recently confirmed that existing brokerage pay arrangements would remain unchanged under a Labor government.
The party had pivoted after proposing to ban trailing commissions paid to mortgage brokers and cap initial commissions at 1.1% in its response to the banking royal commission in 2019.
Meanwhile, Treasurer Josh Frydenberg told Momentum Media late last year that the initial and trailing commissions were to be reviewed in the second half of 2022.
To learn more about industry voter preferences, you can find Momentum Intelligence’s report here.
Sarah Simkins
Sarah Simpkins is the managing editor of Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.
You can contact her on This email address is protected from spam. You need JavaScript enabled to view it..
