Poll Results – A Different Story

Following the May 21 Federal Election, which Government will deliver a better financial services industry for advisers and consumers?
  • A returned Coalition Government (38%)
  • It doesn't make any difference (38%)
  • A new Labor Government (16%)
  • Not sure (9%)

The results of out latest poll sit in stark contrast to adviser opinion on the same question three years ago.

As we go to print, more than four in ten (42%) of those who have voted in our latest poll think it will make no difference which party is in power after the May 21 Federal Election when it comes to delivering a better financial services industry for advisers and consumers. Around three in ten (31%) see a Coalition Government as their preferred option on this question, while half that number (16%) have opted for Labor as their preference.

Three years ago, however, we were reporting a very different story, which overwhelmingly favoured a returned Coalition Government (77%) as being better for advisers and consumers.

On the surface, one reason for this significant change in sentiment may rest in the fact that advisers are seeing fewer major sector-related policy differences between the two main parties. For example, Labor has softened its stance since the last election when it comes to the future of risk commissions (see: ALP Reinforces Position…). While the outcome of this question remains unresolved, there now appears less of a gap between the Coalition and Labor on this question.

So, too, is there less of a gap when it comes to minimum adviser education standards, with both the Government and Opposition in lock-step on the notion of implementing an experience pathway for ten-year advisers of good standing.

While the two major parties will claim their own unique position on both of these issues, and while there remain potential differences elsewhere, such as whether to retain the safe harbour steps as a requirement for meeting the Best Interests Duty, it appears many advisers think there is now much less of a difference between the main protagonists and that it therefore makes littler-to-no difference who wins the election.

We might be wrong, though! There may well be other reasons for such a significant change in adviser opinion since you shared your views in the lead-up to the May 2019 election, and we welcome your views as our poll remains open for another week…