The number and proportion of female brokers has dropped to an all-time high, according to the MFAA.
The Mortgage and Finance Association of Australia (MFAA) noted that despite the increase in the overall number of brokers, the proportion and number of women working as brokers has fallen to a new low.
The results come in the 12th edition of its Intelligence service report (IIS)which is based on data provided by 12 aggregators over the six months from October 1, 2020 to March 31, 2021.
The most recent IIS report showed that during the October-March period there was a record number of brokers underwriting commercial loans and the channel ssettled the largest volume of residential mortgages ($121.8 billion) since it began reporting in 2015.
While the report revealed that the population of the brokerage industry operating under these 12 groups had continued to grow to 16,968 brokers (the second consecutive period of growth since September 2018), the number of women in the industry had declined.
According to gender data provided by aggregators, there was a decrease of 83 female brokers in the industry, bringing the total number of female brokers to 3,209 (down 2.52% period over period). ).
The proportion of female brokers in the industry has seen a significant decline of 1.3 percentage points over the current period, to 25.8%, the lowest proportion observed.
This represents a reduction of 58 female brokers (down 1.78%) from the previous year.
MFAA Chief Executive Mike Felton observed: “Disappointingly … the proportion of female brokers has declined to the lowest level observed, even as the total population of brokers has recovered and increased from period to period.”
However, as the number and proportion of women in this industry continues to decline, more women are being recruited into the industry.
the IIS The report shows that 420 women were recruited into the industry during the six-month period, the highest number since 2017. This represented around 30% of all new recruits.
Year over year, the number of female recruits increased by 43 or 11.41%, while male recruits increased by 107 or 12.36%.
From period to period, the number of female recruits increased by 8 or 1.94%, while male recruits decreased by 19 or 1.92%.
The MAAA is also working to exploring why women remain underrepresented in the mortgage and financial brokerage industry, through its ongoing Opportunities for Women (OFW) initiative, which suggests there is growing recognition in the industry that there may be barriers to women entering the industry.
When asked about the top barriers to participation in the industry last year, the top barrier cited by both men and women surveyed was “unconscious beliefs about gender roles in the workplace” .
the Federal Deputy Minister for Women, Senator Amanda Stoker, recently offer advice to strengthen the representation of women in the finance sector following a virtual dinner on “How liberal values can provide a fair chance for Australian women”, hosted by the Aston 200 Club on September 8.
In the interview – conducted by Paul Stone, CEO of commercial short-term lender HomeSec Business Finance (which sponsored the Aston 200 Club dinner) – the Deputy Minister for Women suggested that much of the improvement in the profile of women in the financial space increased the confidence of women already in the space.
You can find more tips on how to raise the profile of women in finance across the new hub of the Women in Finance networkwhich includes commentary, insights, profiles and opinion pieces from some of Australia’s most prominent women in finance.
Momentum Media Women in Finance Awards 2021 will take place at an in-person awards ceremony on December 10, 2021.
[Related: Assistant Minister for Women shares tips for women in finance]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian brokerage industry, the mortgage market, financial regulation, fintech and the wider lending landscape, Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser webcasts. Live.