Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Deputy Prime Minister. I refer the Deputy Prime Minister to his previous answer and I also refer him to comments by the CEO of the Council on the Ageing Australia, Ian Yates, about the government's watering down of important consumer protections:

Independent legal and professional advice confirms that these regulations are against the best interests of Australian consumers.

…   …   …

This issue has been second only to pension cuts in recent representations to us by COTA members …

Why is the government making it harder for older Australians to save for their retirement?

Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Link to this | Hansard source

If the honourable member wants to quote people, let me quote a few people. John Brogden, CEO of the Financial Services Council, said:

These changes do not change the substance or the intent of FoFA. The fundamental reforms and increased professionalism of financial advisers remain. However, these small changes ensure FoFA works as it was intended—to improve the quality and quantity of financial advice.

This is the industry organisation, the Financial Services Council, being supportive of these sorts of initiatives. Stephen Munchenberg of the Australian Bankers' Association said these amendments are 'sensible' and claimed opponents had been circulating disinformation about their impact.

I think the shadow Treasurer should be honest with the Australian people. We have no plans to water down the quality of financial advice. We intend to get rid of some of the red tape so that it operates more efficiently and more smoothly, but the reality is that under this government there will be reputable financial advice available to those who need it and hopefully in a more accessible form.