Monday, 30 August 2021
Banking and Financial Services
I rise today to speak about an issue I've risen to speak on in this place many times in the past—that is, the regulatory burden faced by financial advisers in Australia and the cost burden associated with those regulations. When I've spoken in the past, unfortunately, it has been in a slightly negative frame, but today I am very pleased to say that the government has made a significant announcement to help financial advisers right across Australia.
I pay tribute to Josh Frydenberg, the Treasurer, and Jane Hume, the Minister for Superannuation, Financial Services and the Digital Economy, for their decision to reduce the ASIC levy to its 2018-19 level, just over a thousand dollars per adviser, and to freeze it for the next two years while the recommendations of the Hayne royal commission continue to be implemented and to add to the red tape burden of advisers. This is a very important step from the Morrison government, in giving the financial advice community some certainty in their cost structures going forward. This is going to be followed up with a review of the ASIC industry funding model to ensure that it remains fit for purpose.
I pay tribute to the organisations that have been pushing for a move such as this. In particular, I wish to pay tribute to the Association of Financial Advisers and members of the general financial advice community, particularly those in Western Australia, who have been in communication with me on this issue over months and years. I will single out one individual: Stephen Knight, the WA director of the Association of Financial Advisers. He has been a source of positive input on these issues for many, many months. I thank you very much, Stephen.