In his post-budget address at the National Press Club on Wednesday, Taylor put a clock on the Coalition’s plans to finalise financial services reforms that “Labor has failed to prioritise” if it is victorious on 3 May.
“Today I announce that the Coalition will introduce the Securing Australia as a Financial Centre Bill within 100 days following the election,” the shadow treasurer said.
“This bill will legislate key financial services reforms that Labor has failed to prioritise – ranging from payments system reforms, digital assets regulation and restoring our financial advice profession.”
The announcement was part of a broader focus on the financial system, with Taylor calling it the “nervous system of our economy”, adding that the wide-ranging bill would “unlock” the sector and “make it easier for Australians to afford a home, plan their retirement and start a business”.
The Coalition’s goal, he said, is to position Australia as a “financial centre for our region”.
“In recent months I have outlined policies to drive this agenda,” Taylor said.
“Reforming our capital markets to strike the balance between financial stability and affordability of getting into a home, getting insurance and starting a business.
“Enacting the Productivity Commission’s 2018 recommendation to boost competition in our financial services by putting the ACCC on the Council of Financial Regulators.
“Reforming the corporations act to simplify our financial services law and unleash our corporate bond market.
“Establishing a taskforce to develop a foreign investment fast-track for trusted investors from our key security partners.”
While the Securing Australia as a Financial Centre Bill didn’t make it onto the list of bills that prospective PM Peter Dutton pledged to introduce on the first day of the next Parliament – with those focused on energy prices, immigration and housing, security, and essential services – the commitment is in stark contrast to the slow progress on financial services reforms over the last three years.
In a statement following the speech, shadow assistant treasurer and shadow financial services minister Luke Howarth said the Coalition would make the sector a priority for government.
“There is a litany of financial services reforms the Albanese government has promised but let fall by the wayside. The Coalition will act quickly to cut red tape and provide much needed regulatory certainty,” Howarth said.
Also set for introduction in the first 100 days, Taylor said, is the appointment of an Investment Australia chair and establishment of three investment taskforces to “reduce regulatory costs in our key enabling sectors: financial services; construction; and resources and energy”.
According to the shadow treasurer, this is “one of the most significant changes to how government facilitates private sector investment in decades”.
“We will establish a statutory office within Treasury called Investment Australia,” he said.
“Investment Australia will consolidate and streamline investment facilitation across government – under a united function with clear leadership that reports directly to the Treasurer and the Cabinet.
“It is about fast-tracking investment, not holding it back with bureaucracy.”
He added that the body would have a mandate to boost Australia’s competitiveness and facilitate investment.
“Its legislated powers will include call in powers to hold regulators and agencies accountable for bureaucratic delays on significant projects for our nation, implementing statutory deadlines for approvals and pathways for escalation to cabinet,” Taylor said.
“This will drive Australian jobs, increase investment into Australia and restore our economic potential.
“Central to Investment Australia’s competitiveness mandate will be a mission is to make it cheaper to build, finance and power our country.”
In a LinkedIn post shortly after the announcement, the Financial Services Council (FSC) said it welcomed Taylor’s election commitments.
“The Coalition has committed to complete the process of financial advice reform, reduce the red tape burden on the financial services industry, and introduce measures to establish Australia as a regional financial services centre,” the FSC said.
“The FSC outlined our pre-election policy priorities earlier this year, and today’s announcement is a nod to measures we have advocated for to help the sector and Australia reach our economic potential.”
Angus Taylor will be speaking at the Momentum Media wealth portfolio’s pre-election event on 10 April. Click here to find out more.
I have it all before . Politicians can say what every they like there is no accountability at all before to deal with a used car sales person
Sorry, I am sure he means well, but lets face it both parties have served to drive down trust in financial advisers, increase the cost of advice and in doing so leaving average Australians unwilling or unable to access good financial advice. You watch, in a few years time after a failure from ASIC to reign in a rogue operator because they are too busy crushing small business operators, that will then be blamed on the entire advice profession, both political parties will be scrambling to score points and say they are “cleaning up” the sector …and so the cycle begins…again!
How do you know when a politician is lying? Their lips are moving.
Sounds like another Jones, who doesn’t understand the issues but can apparently do something about it. What an absolute joke.
It’s a choice between Liberal’s potentially broken promises and Labor’s definitely broken promises.
Even if it takes the Liberals 10 times longer than the promised 100 days, they will still have delivered on their promises faster than Stephen Jones.
I thought I’d give Guileful Gus the opportunity to strut his stuff. I watched a rerun of his presentation yesterday to the National Press Club, keen to hear what Gus thought were the solutions for the parlous state of financial advice. Remembering of course that Gus’s Mob were responsible for FASEA, LIF and a footloose and fancy free ASIc
Gus has invented an Investment Task Force, with a sub task force on financial services. Here’s the good news – it will be run out of Treasury. So nothing will change.
I have been observing politicians up close for a long time and I’ve also been a public servant and I know how the system works, and it’s never changed. I have absolutely no confidence whatsoever that Gus as Treasurer, and Howarth as Minister for Financial Services, will be able to withstand the overtures from Treasury that gave us the crap that Mr Jones delivered a week or so ago as he rode away into the sunset. And I’m equally sure that Gus will not be able to distinguish the fact that ASIC is a regulator of existing legislation, not a policy developer for further legislation.
No hint as to who will be on the task force but you can guarantee the banks, having paid around $1 million each into the Liberal party election slush fund, will demand a seat at the table.
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Jones partial solution to our woes, and in particular an SOA replacement called the CAR which, as the FAAA’s Phil Anderson has observed, provides scope for ASIC to require us to write reams of explanations as to the reason for our advice, with the hand of Treasury all over it, has offered little hope
If Gus and his investment task force (it won’t be an enquiry he says)are the answer to fixing up the hot mess of financial of advice, what the hell was the question
You eloquently and succinctly articulated our thoughts.
Our politicians maintain the facade of a democracy, whilst accepting “$1m donations” for a seat at the table to which the vast majority of us citizens are denied access.
The super funds might as well be called “banks”. Better still, why not combine both into an “oligarchy”
The LNP is still a much better bet than the ALP.
In my opinion, the ALP are utterly compromised by their relationships with Industry Super.
They have been utterly dreadful and if re-elected could be even worse.
Vote ALP in the bin.
I am having an awful feeling of Deja vu.
I must be getting old as I feel like I have heard this same nonsense 100 times.
Sounds like another bad case of Jonesitis.
It’s a nasty illness rendering the recipient with delusional thoughts driven by self interest.
Unfortunately there is no known cure.
The cure is making political donations.
100 Days – yes sure mate. Liberals had 13 years and look what happened. How is the primary vote for Liberals going?
C’mon Angus… I was born at night, not last night.
Why do I have trouble believing you Gus
Past performance IS a guide to future performance
Old Risky
Every few years we hear the same garbage. Nothing positive will ever change for IFA’s.
All lies. It’s part of politics. Time to drain the swamp and remove all of these career politicians.