Shadow Treasurer Unveils Financial Services Agenda Ahead of Federal Election
Shadow Treasurer the Hon Angus Taylor MP recently outlined the Coalition’s policy priorities for the financial sector, and their roadmap for the first 100 days in government, as part of a post-budget address at the National Press Club.
The policy priorities include the Coalition’s plan to transform Australia into a “financial centre for our region”. His announcement emphasised a series of reforms aimed at modernising the financial services sector.
Of note to the insurance broking profession is the Coalition’s commitment to reform the Corporations Act.
The Corporations Act reform is aimed at simplifying financial services law and seeks to unlock growth in Australia’s corporate bond market, supporting businesses and driving investment.
The Coalition had previously pledged to implement the Quality of Advice Review recommendations in full if elected.
The Shadow Treasurer also announced that the Coalition will introduce the “Securing Australia as a Financial Centre Bill within 100 days following the election.”
This bill will introduce reforms, including modernising payment systems, creating a regulatory framework for digital assets, and addressing the challenges in the financial advice profession.
“Our financial system is the nervous system of our economy. At its best, it supports Australians to fulfil their dreams and realise their aspirations,” said the Shadow Treasurer in his address.
NIBA welcomes the Coalition’s commitment towards financial advice reform, including implementing the Quality of Advice Review recommendations, as well as reducing the regulatory burden on the sector.
NIBA is committed to engage and work collaboratively with government stakeholders to ensure that Australian consumers have access to qualified financial advice and that insurance remains accessible and affordable. We look forward to further policy announcements in the lead up to the federal election.
Read the Shadow Treasurer’s full address at the National Press Club here.