RBA holds, but Bullock keeps hikes on table
Reserve Bank Australia (RBA) governor Michele Bullock has reiterated that the fight against inflation is not yet over, saying that additional interest rate increases remain on the table despite the cash rate being left unchanged at 4.35 per cent in June.
While the central bank opted to hold rates steady, Bullock said that the decision should not be interpreted as a signal that policy tightening has concluded.
Instead, she said the board remains prepared to act again if inflation proves more persistent than expected.
Speaking after the meeting, Bullock declined to declare that rates had reached their peak, saying that future decisions would depend on incoming economic data and the inflation outlook.
“I guess what I’m saying is, I can’t rule out that if inflation doesn’t respond in the way we expect it to do, then we might have to do more. I’m just not ruling that out,” Bullock said.
“I understand that this is a difficult period for all households. That’s why it’s so important we get on top of inflation now. High inflation hurts all Australians, especially the most vulnerable.”
Broker market share hits new record
Mortgage brokers continued to strengthen their grip on the home lending market in the opening months of 2026, with new data from the Mortgage and Finance Association of Australia (MFAA) showing the channel reached its highest market share on record.
According to the latest MFAA Quarterly Market Share Report, compiled by Cotality using settlement data from major aggregators, brokers facilitated 81 per cent of all new residential home loans in the March quarter. The result extends a long-running upward trend and marks the first time broker market share has surpassed the 80 per cent threshold.
The figure represents a significant increase from 76.8 per cent a year earlier and is well ahead of the 74.1 per cent recorded in March 2024. It also eclipses the previous high-water mark of 76.7 per cent set just three months earlier.
Growth was evident not only in market share but also in lending volumes. Brokers settled $124.88 billion in new home loans during the quarter, up $25.51 billion year on year and the strongest March-quarter result on record.
MFAA CEO Anja Pannek said the figures demonstrate that brokers have become the preferred pathway to home finance for most Australian borrowers.
Finance leaders celebrated in King’s Birthday 2026 Honours List
Several leading figures from Australia’s financial services sector have been recognised in the 2026 King’s Birthday Honours List, including veteran banking executive Lyn Cobley and regulatory reform advocate Margaret Cole.
Cobley was appointed a Member of the Order of Australia (AM) in recognition of her significant contribution to the business and financial services sectors through a range of senior executive roles spanning more than three decades.
Currently an independent non-executive director at Commonwealth Bank, Cobley has held a number of high-profile leadership positions throughout her career.
These include serving as CEO of Westpac Institutional Bank between 2015 and 2020, as well as senior roles at CBA, including executive general manager of retail products and third-party banking and group treasurer. Earlier in her career, she worked in securitisation with Citi.
Cole was also awarded an AM and recognised for her contribution to financial services through her work advancing regulatory reform.
Cole has played a prominent role in shaping regulatory frameworks and governance standards across the financial sector throughout her career.
FBAA reveals new leaders to spearhead the association
The Finance Brokers Association of Australia (FBAA) has unveiled a new leadership team, appointing Melbourne-based executive Leo Gagic as CEO and former federal politician Nick Sherry as independent chairperson.
The appointments mark the beginning of a new chapter for the association following the departure of long-serving managing director Peter White AM, who stepped down after more than 20 years with the organisation.
They also follow the exit of former chairman Brett Spencer earlier this year, with Clive Kirkpatrick having served as acting chairman during the transition.
Gagic joins the FBAA after leading debt collection and payment obligations firm Access Mercantile for more than six years. He left the company in February 2026 and now takes the reins of one of the mortgage and finance broking industry’s largest representative bodies.
Sherry brings extensive experience across politics, financial services, and superannuation. A former federal senator and Australia’s inaugural minister for superannuation and corporate law, he has been appointed to lead the FBAA board as chairperson.
In a statement from the board, Gagic said he was thrilled to be joining the association.
“I am thrilled to be joining FBAA as CEO, and look forward to working with members, partners, the board and the team to strengthen FBAA’s influence, increase member value and ensure it remains the leading voice for brokers across Australia,” he said.
Meanwhile, Sherry said he was honoured by his appointment.
“I am honoured to be appointed to the FBAA board and look forward to working with the board, new CEO Leo Gagic, and the members across Australia,” he said.
