Addressing the 2024 Intersekt Conference audience, Taylor championed a return to economic fundamentals, urging a shift from government overreach to revitalising the private sector.
Taylor began by acknowledging the crucial role the financial services sector plays in Australia’s economy, which contributes $37 billion annually in taxes and underpins key public services.
“It is a big contributor, that means our schools, our hospitals, our roads and the essential services we rely on are funded by the financial services sector,” the shadow treasurer said, emphasising the need to ensure future financial leaders can match the achievements of their predecessors.
The shadow treasurer didn’t mince words about Australia’s current economic struggles, highlighting a troubling environment marked by soaring inflation, escalating public sector employment, and plummeting productivity.
He criticised the government’s economic management, citing figures showing a fall in productivity by 6.3 per cent since the time of the election, and job creation heavily driven by government-funded sectors.
He emphasised that rising costs, such as higher energy bills, taxes, and interest rates, are taking a toll on small businesses – many of which, he said, rely on home equity for financing.
Taylor sharply criticised the government’s “Future Made in Australia” policy, branding it as a scheme to “create bureaucracies, not businesses”. He warned “we are at a crossroads” with one path leading to increased government control and regulation, and the other to private sector-driven innovation and economic freedom.
The latter path is the one the Collation believes in, Taylor said.
He argued that an economy propped up entirely by the public sector is unsustainable, warning that such a model inevitably leads to decline rather than prosperity.
This, he said, is why the Coalition has taken strong positions on key issues in recent months, believing the government’s approach risks leading the country down a path to poverty.
“In your own sector, I think you see this distinction in stark terms,” Taylor said.
He opined that while Labor may not intend to harm business, its priorities have led to stagnation in digital asset regulation, open banking, and crucial financial reforms.
“By contrast, the Coalition will get back on track and back to basics,” the shadow treasurer said.
“That will require us not just to pick up the work we initiated in government but to accelerate it with a broader economic agenda that supports businesses and Australian consumers first.”
The Coalition’s strategy includes advancing deregulation in the financial services sector, fast-tracking the Levy advice review, effectively implementing the Consumer Data Right, and fostering investment through simpler, fairer tax policies. He also announced Paul Fletcher as the new minister for the digital economy to spearhead some of these initiatives.
“Our commitment is clear: we will deliver the reforms Australia needs to get back on track,” Taylor said.
“An innovative financial sector that is well regulated – not over-regulated – is essential to addressing these challenges”.
Taylor concluded with a call to action for the sector: “Each and every one of us will have a role to play – it will require your talent, your initiative, your business nous, and your commitment to deliver great business experiences to your customer”.
If Dutton wins the next election, Gus might be Treasurer. But at the moment he is not being given a lot of opportunity to promote himself. And if Dutton loses, my prediction is Gus will ride off into the sunset, as he will have decided he has had enough of opposition and he’s got better things to do. And all that duchessing of Gus will have been a waste of time and resources by the FAAA and the AIOFP. It’s happened before folks
I feel I should remind my colleagues who are pissed off with Mr Jones that you have to take into account the level of donations that the big end the town makes to the Liberal party in election funding. I remind you, $1 million from each of the big banks around 2013 gave us FASEA and LIF. And then the banks had the hide to bugger off and leave us with lots of grief,and no joy
Mr Jone’s bread is buttered by the industry funds, which nicely lines up with the long-standing view from both Treasury and ASIC that industry funds are good. Very good.Self-employed advisers – very bad
Politicians will say anything to get elected and then worry about the consequences later. What I would like to see Gus promise is that advisers get a seat at the table BEFORE there is any decision about any changes. To use an old MBA expression from a decade or so ago, we are a stakeholder in this game, but we haven’t been treated as one for at least 20 years.
Getting Gus to listen to is probably the most important benefit we can gain from a the election of Dutton and company.
In other words if the government sees fit to talk to the FSC & CALI, then the adviser groups should be on the same birthday party list
Until the lawyer created Annual Fee Renewal Red Tape is completely eliminated, bureaucratic over-regulation that simply doesn’t exist in any other nation on earth, the QAR changes will not substantially solve the retail advice shortfall crisis.
This is good policy and should be supportive for the Financial Planning industry, yet we have Sarah Abood coming out and saying that she hope tranche 2 of the DBFO isn’t delayed due to Labor pursing their cyber scam policy. It would be better for the DBFO to be delayed in the hopes a new government will actually listen to the concerns of financial advisers rather than setting policy based on what industry super and consumer groups want.