FPA welcomes Federal Budget, looks forward to further reforms in May 2023

The Financial Planning Association of Australia (FPA) welcomes tonight’s federal budget, in particular measures to improve access to housing.

FPA CEO Sarah Abood said: “Home ownership is one of the cornerstones of retirement planning and one of the best lead indicators of a comfortable retirement.  Measures such as the National Housing Accord, the Regional First Home Buyer Scheme, and steps to target homelessness and improve crisis housing, as well as reducing the age for people to make downsizer contributions to their superannuation (as previously announced), should support more security in retirement for Australians.

“We also welcome initiatives such as cheaper childcare and extensions to paid parental leave, changes to the PBS leading to more affordable medicine, and a commitment to increasing real wages, which will help alleviate the financial pressures felt by many Australian households.

“In addition, the government’s commitment to an urgent review of the regulatory framework for managed investment schemes (MIS) is a welcome development.” 

Abood said this budget was focused on implementing the government’s election agenda and noted the government has committed to a budget in May 2023 as part of the usual cycle.

“The FPA will continue to engage with the government in advance of the May 2023 federal budget on a number of issues that are important to our members, including broadening the base and managing the costs of its proposed Compensation Scheme of Last Resort (CSLR),  extending the freeze on the ASIC levy for another year, broad tax deductibility of financial advice, and for the Australian Taxation Office and Centrelink to improve their online access arrangements to ensure financial planners are able to act on behalf of their clients.

“We look forward to working with parties and stakeholders on policies and initiatives that contribute to affordable quality financial advice for all Australians and a sustainable financial planning profession for the future.”

Related Posts