Graph 4  More generally, the emergence of mortgage brokers, who act as intermediaries between lenders and borrowers and make it easier for borrowers to compare the costs and features of different loans, has contributed to the increase in competition between lenders in the Australian mortgage market. Mortgage brokers’ share of total mortgage settlements is about one-third of all loans.
The negative experience with the Stability and Growth Pact over the last decade should not undermine efforts to further strengthen the system. It is ultimately the responsibility of each government to ensure not only that it complies with the rules but also that other governments do likewise.