Scott Morrison conceded the vote on Saturday night.
“I am humbled by this victory and I am honoured to be given this opportunity to serve as the 31st prime minister of Australia,” Anthony Albanese said.
“My Labor team will work everyday to bring Australians together and I will lead a government worthy of the people of Australia,” he added.
This breaks the Coalition’s almost decade-long reign, after it assumed power in the 2013 election with Tony Abbott’s leadership.
The party endured three prime ministers in three consecutive terms in the form of Mr Abbott, Malcolm Turnbull and Scott Morrison.
Labor’s win is predicted to spur significant change in the advice industry, following several pledges in that direction by shadow minister for financial services, Stephen Jones.
In his most recent interview with the Stockbrokers and Investment Advisers Association (SIAA), Mr Jones doubled down on Labor’s election campaign commitment to fix the “hot mess” that is the advice industry by introducing an ‘experience pathway’.
“We want to put in place a sensible, efficient recognition of prior learning arrangement so that if you’ve been doing the job for ten years, you can continue to be a licensed adviser provided you haven’t got any black marks,” Mr Jones told SIAA mid-May.
He assured that if appointed Labor “should be able to” enact the experience pathway “pretty quickly”.
“Sworn in, consultation process, let’s get this done.
“We want to make sure it’s in place and up and running,” Mr Jones said.
He explained at the time that “all of the things” Labor is contemplating can be done through the existing ministerial powers and regulatory powers.
“No primary legislation would be needed. I’ll take advice on that, but my initial thinking and analysis is that we don’t need primary legislation.
“It would be a disallowable instrument, but I’ve got to say it’d be a courageous Senate to try to block it,” the shadow minister said.
Just weeks earlier, Mr Jones discussed regulation on a webinar hosted by the Financial Planning Association of Australia (FPA).
He told the FPA at the time that Labor’s goal is to “design a market” that meets the needs of Australians that are currently missing out on the advice they need.
“There’s the high-net wealth individuals who will find a price point in the market irrespective of what we do or don’t do,” Mr Jones said.
“There’s people down there in the lower end or who are in crisis who actually need financial counselling more than they need anything else. I think there’s absolutely a role for government for direct service provision in that area.
“But the vast majority of Australians are in the middle of those two groups and they’re currently not getting the advice they need. We want to design a market that meets their needs.”
Mr Jones, however, conceded that there is no one solution to that design, noting factors such as robo-advice which may play a part albeit not integral.
“There’s a role there. Maybe somebody will come up with a business model that makes it work, but I think the majority of Australians want to… have a conversation with a qualified person who knows what they’re talking about and get some advice,” he said.
“I’m keen on us creating a regulatory system that focuses on that middle.”
Mr Jones joined Momentum Media on a podcast in February, to hear more of what he had to say about the advice industry, click here.
I urge every adviser to read the Rivers Of Gold paper produced a few years ago, analysing the massive volume of funds siphoned from Industry Super every year to the Trade Unions and associated entities, onlky to make its way back to the Labor Party via political donations.
It is a staggering amount of money.
Since Albanese has won power, I have heard him mention the Trade Union movement on every single occasion.
The Industry Super Funds will be left and fully supported to do whatever they wish.
I used to be a Liberal voter but the last few years of attacks have changed that. It is not a matter of things getting better, it is just that they couldn’t get any worse (touch wood).
Chalmers = Treasurer, Gallagher = Finance. Jones = no where to be seen = all bets are off!
Calm down. It’s a just a skeleton ministry at this stage until the full results are clear.
Mark relax – it is a caretaker Government, with, thankfully, Morrisons blessing. Just enough to do the job until the WRITS are returned and the numbers are final. Albo HAS to get on with the job with QUAD, and has secured the backing of two of the existing independents
However I do accept your concern as to whether Jones will get the financial services job. It wouldn’t be the first time there was a slipup or a faction deal. Those with long memories will remember Hockey, who was negotiating with the AFA/FPA prior to the new regime , suddenly was sent off to Social Security rather than financial services. The result was an unmitigated disaster we have today, because the new minister didn’t want to know.
It is simply one different flavour of nightmare for our once-great industry that AlboQueasy has come to ‘power’. Two party system much the same as each other except Labor is beholden to the unions and ind super funds. With Queasy as leader poor ol’ Stephen Jones will have himself hog-tied or at least his hands tied as Queasy has stated in various ways that small business is the least of his priorities. I’m out now but I feel for those left and hope against hope my comment here is wrong but not holding my breath. We need to learn from history, clearly, however we don’t have a good record doing that as a species.
Who do you think the Liberals are beholden to? Coal mining and tobacco companies? Money in politics is not great but at least check where it comes from.
Hi Anonymouse (haha, luv that name!), True what you say, have no argument however you miss the point I make. That is that the people that the LABOR party are beholden to (ind super funds, unions and the like) have an axe to grind with advisers. The coal companies and tobacco companies you mention do not. That’s the difference, to answer to simply.
If you’re not thinking now, about how just 20-40 clients can pay you a wage and all your business costs you’re in trouble. I’ve been in this industry for 20 years and would bet my house on that.
Jones has stated he has no intention of adjusting the best interest obligations. He clearly stated Industry Super funds to be the preferred channel for ordinary to wealthy Australians seeking advice (achieved by carve outs) and the Ultra Ultra hi net wealthy to be the domain of Advisers. Yes, you’ll get your education exemption, but your career, staff lives & business valuation just plummeted.
Jones will do whatever the unions and industry funds tell him to do.
Time will tell, but AA made it clear that small business is down his list of priorities. So that might mean trouble in other ways, despite anything Jones might do.
Gone from stuffed to completely stuffed. Lets see if Stephen Jones is a man of his word or is a liar, personally my money is on the later.
Maybe they could introduce legislation that makes them accountable for the statements they make (Maybe like our industry), then they could be charged for [b][i]deceptive and misleading conduct[/i][/b]
Good riddance Fraudenberg! Had the audacity in his concession speech to say how much he was looking forward to being a great dad to his children.
Who is being a great Dad to the children of the 30 advisers whose blood is on his hands?
Broke my heart when the survey results showed up 20 pages of comments in the all in mental health of depression, anxiety, sadness, loss and separation and divorces, self harm and attempts. Frydenberg got thrown out by a woman who stood up to him. And one of their own. Departed and unlamented. Ratbag
Philippa, thanks again for organising the survey – it was an insightful, but sobering exercise.
Please pass on the survey results to the newly elected independent members and the media.
Australians who watched the Channel 9 coverage on Saturday now know what financial advisers have known for several years. Jane Hume is appalling. What an incredible contrast there was between the grace and intellect of Julie Bishop, and the carping shallowness of Hume sitting next to her on the Channel 9 panel.
Stephen Jones was on the Channel 10 panel and certainly came across as personable and competent. Time will tell how he goes as minister, but very glad to see the back of Hume.
Hume was absolutely appalling agreed, however Julie Bishop is one who is caught up in her own importance, brand and image.
Julie Bishop is just another pretender.
Let’s see if Labor becomes the new ally to financial advisers. Won’t be holding my breath. Two party preferred system is becoming unpopular
Financial planning is dead and buried
Labor and their union mates will create a system that funnels all money into industry funds
Retail advice will become extinct
The Liberal Party have ignored financial advisers and have overseen a destructive and discriminatory dismantling of an entire industry.
On that negligence alone they deserved to lose power and pay a price just we all have under their competence.
However, I am completely unconvinced that Labor will really provide a light and am entirely sceptical of Jones’ commentary and promises pre election outcome.
I predict he will weasel his way around things and it will continue on its path to destruction.
Not enthralled by it won’t be Alboneasy but happy that Fried N Burg and Hume Highway are gonski now…
Some humourous puns, there.
Her way is the highway n gone.
She’s not gone just where she can do no damage. Unlike FPs who have to get voted in by every client every year she has a 6 year term.