Associations urge returned Labor government to move quickly on advice

In the lead up to election day, every poll made it look more likely that Labor would secure at the very least a minority government, however the result has been far more decisive.

As things stand, Labor will hold at least 85 seats in the lower house, while the Coalition is around 40. Both of these numbers should grow as the remaining uncalled seats are decided.

What’s clear is that Labor will have a commanding majority and a strong mandate to push through its policy platform – and potentially with a bit more speed.

The various corners of the financial services sector have congratulated the government on its re-election, with many projecting a hopeful tone when it comes to advice reform.

Financial Services Council chief executive Blake Briggs, for example, said the FSC would “continue working collaboratively on key financial services policies”.

“Finalising the reforms to financial advice, which begun under the first term of the Albanese government, remains an industry priority,” Briggs said.

“The FSC will work closely to support the government as it finalises the remaining details of its advice reform package to ensure more Australians can get access to affordable advice.”

The SMSF Association congratulates the Labor Government on its re-election and looks forward to working with the Government on measures which strengthen the sustainability and viability of the SMSF sector and the financial advice profession.

SMSF Association CEO Peter Burgess – despite continued concern over the $3 million super tax Labor will push through – also said the association work with the government on measures to strengthen both the SMSF sector and the financial advice profession.

“We strongly support meaningful reforms which improve the accessibility and affordability of high-quality financial advice for consumers and we look forward to working with all members of the new Parliament to achieve these outcomes,” Burgess said.

“From the perspective of the SMSF sector, having a professional advice sector that can service the 1.2 million Australians who choose to manage their superannuation is critical, and we welcome the opportunity to work constructively with the government on legislative and regulatory reforms that will deliver this result.”

Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston kept it brief, congratulating the government on a “resounding win”, adding that the AIOFP “look forward to working with the new financial services minister to improve the financial services landscape for both consumers and the advice profession”.

In a statement, the Super Members Council also threw “rapidly finalising and passing reforms to help millions of Australians to access help, guidance and affordable financial advice to plan for retirement” into its priority list for swift government action, right alongside payday super legislation.

On the super front, the FSC’s Briggs lauded the “collaborative, evidence based, sector neutral approach to superannuation policy” from both Treasurer Jim Chalmers and former financial services minister Stephen Jones.

“The Australian people have given the re-elected government a mandate to govern from the centre, and we encourage the continuation of this style of leadership in this term,” he added.

“By working together, the industry and the government can strengthen superannuation and retirement outcomes for Australians, particularly through ensuring stable settings, preserving choice, and lifting customer service standards to provide Australians with confidence about their retirement.”

Meanwhile, self-licensing specialist My Dealer Services (MDS) also pushed for “decisive action” to grow the number of advice industry professionals and giving the industry clear rules.

“With the outgoing Minister for Financial Services, Stephen Jones, admitting he failed to achieve key goals such as removing band-aid solutions and stemming the loss of advisers numbers to the current 15,000, now is the time for decisive action from the new Minister of Financial Services, not continuous promises and inaction,” said MDS director and founder Alexander Euvrard.

“On the one hand, we are actually in a very favourable environment in that we have a growing demand and a lack of supply. For existing advisers and their practices, it's a good time to be in business, but that is not sustainable, and it is not ultimately in any of our best interests to stay this way. To succeed, we need to grow, be able to reduce the advice gap and provide succession pathways.”