{"id":71460,"date":"2024-05-16T09:59:33","date_gmt":"2024-05-15T23:59:33","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=71460"},"modified":"2024-10-29T15:30:17","modified_gmt":"2024-10-29T05:30:17","slug":"federal-budget-whats-not-included","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/05\/16\/federal-budget-whats-not-included\/","title":{"rendered":"Federal Budget \u2013 What\u2019s Not Included"},"content":{"rendered":"

This year\u2019s Federal Budget is more about what isn\u2019t included, not what is, according to the FAAA.<\/p>\n

The association says its calls to fix the problems with the CSLR, ASIC funding levy, the financial advice exam cost and ATO portal access \u201c\u2026have been ignored in this year\u2019s Federal Budget.\u201d<\/p>\n

\"\"<\/a>
Sarah Abood.<\/figcaption><\/figure>\n

FAAA CEO Sarah Abood<\/strong> says in a statement she’s disappointed that “…while financial advisers continue to struggle with significant cost increases, like many small business operators, calls to the government have been disregarded.”<\/p>\n

She adds that Minister Stephen Jones<\/strong> has acknowledged the importance of financial advice “…but there is little remedy for the skyrocketing costs that advisers have been and will continue to pay. Much of these costs will inevitably be passed on to consumers, further raising the cost of professional financial advice…\u201d<\/p>\n

Abood notes that while there are some positives\u00a0 for advisers running small businesses, in the extension of the instant asset write-off scheme for a further year, along with energy rebates \u201c\u2026we continue to urge the government to consider the six ideas we have put forward. These will have a direct practical impact on reducing the cost to consumers of professional financial advice,\u201d (see: CSLR Costs Spiralling<\/a>).<\/p>\n

The association says that good news for consumers of financial advice \u201c\u2026included some updates to social security deeming rates and aged care funding arrangements, along with previously announced tax cuts and new energy rebates.\u201d<\/p>\n

It notes that large packages for AML\/CTF adherence ($168 million) and the rollout of Digital ID ($288 million) should have a positive impact on the work that financial advisers do.<\/p>\n

FSC: Budget Leans into Long Term Plan for Financial Services<\/strong><\/p>\n

\"\"<\/a>
Blake Briggs<\/figcaption><\/figure>\n

Meanwhile, the FSC has\u00a0 welcomed the Government focusing on its long term plan for financial services and the investment community.<\/p>\n

It says the Federal Budget recognises \u201c\u2026the important role investors play in supporting Australia\u2019s economic growth, outlining a \u2018single front door\u2019 strategy for major investors, and a central role for the financial services sector in the Government\u2019s Sustainable Finance Policy Agenda.\u201d<\/p>\n

CEO of the FSC Blake Briggs<\/strong> says Australia\u2019s investment community \u201c..is key to the transition to a low-carbon economy and the Federal Budget recognises the importance of developing an internationally aligned regulatory regime and a clear investment product labelling framework.\u201d<\/p>\n

The Government confirmed industry-supported reforms to superannuation to support Australians who take paid parental leave by paying superannuation on the Government PPL scheme from 1 July 2025.<\/p>\n

\u201cWe congratulate the Government on moving forward with its paid parental leave scheme which would increase the financial security and wellbeing of Australian women, who retire with 25% less superannuation than men,\u201d Briggs adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

This year\u2019s Federal Budget is more about what isn\u2019t included, not what is, according to the FAAA. The association says its calls to fix the problems with the CSLR, ASIC funding levy, the financial advice exam cost and ATO portal access \u201c\u2026have been ignored in this year\u2019s Federal Budget.\u201d FAAA CEO Sarah Abood says in […]<\/p>\n","protected":false},"author":24,"featured_media":71463,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8282],"tags":[],"class_list":["post-71460","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-government"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=71460"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/71463"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=71460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=71460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=71460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}