Policy and Advocacy update

FSC

It’s been just over a month since the 2022 Federal Election, with the new Albanese Government getting off to a quick start. Key Treasury Ministers have been confirmed with Treasurer Jim Chalmers, Minister for Financial Services Stephen Jones and Assistant Minister for Competition, Charities and Treasury Andrew Leigh rounding out the Treasury Benches.

Process will be set up to drive the new Government’s focus over the next six months. Key milestones will include a Budget forecast update when Parliament resumes on 26 July, a Jobs summit around September, and a Budget expected on 25 October.

The initial policy and legislative focus will include bedding down Government commitments, particularly outside of financial services.

From a financial services perspective, Minister for Financial Services Stephen Jones has consistently stated that he will implement election commitments made and highlighted a number of key priority areas with stakeholders, specifically:

  • Fixing the regulatory framework for financial advice, so it is affordable and accessible, and using the Quality of Advice Review to do this
  • Picking up where the previous Government left off with respect to technological innovation in the payments system, central bank digital currencies and other crypto currencies and more broadly with respect to digital assets
  • Implementing their commitments to crack down on financial scams
  • And ensuring the financial system is up to the task of being resilient to cyber threats in an increasingly hostile environment.

The new Government will also be progressing:

  • Further reform on the Your Future, Your Super (YFYS) performance test, in which it is set to announce the details of its election commitment to review the test for MySuper products and also make a decision on whether to proceed or defer post consultation the introduction of the test to trustee directed products
  • Implementation of the Financial Services Royal Commission, specifically a compensation scheme of last resort (in an expanded form to capture managed investment schemes) and extending the bank executive accountability regime to other APRA regulated entities – specifically insurers and superannuation funds.

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