A poor report on mortgage broking
Mortgage broking is a bit of a dud, from the point of view of the living that artisans of this craft might earn.Deloitte Access Economics, in a report for The Mortgage & Finance Association of Australia and the Mortgage Broking Industry Group has found average broker incomes are better than median incomes overall in Australian, and also better than the average of unincorporated businesses. But it's no high income earner either.A single broker, working independently as an individual sole trader "earned an average revenue (before cost and taxes) of A$129,846, a median revenue of $103,000, and an average income before tax (revenue less costs) of $86,417," Deloitte said.It put the median income before tax for a sole trader broker at $67,500 in 2017, around $15,000 more than the estimate of "own unincorporated income" from the Australian Bureau of Statistics.Broking businesses with more than one broker "earned an average revenue (before cost and taxes) of $356,952 and a median revenue of $267,400 with an average income before tax (revenue less costs) of $119,838 (and a median income before tax of $77,611) in 2017," Deloitte found.According to the MFAA, there are 16,940 mortgage brokers in Australia as of March 2017, of which 84 per cent of brokers can be considered active.The total annual economic contribution of the mortgage broking industry Deloitte put at $2.9 billion value added, with 27,144 full time equivalent jobs in 2017.