September 25, 2023


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FPA welcomes Federal Finances, appears to be like ahead to additional reforms in Could 2023

2 min read

The Monetary Planning Affiliation of Australia (FPA) welcomes tonight’s federal price range, specifically measures to enhance entry to housing.

FPA CEO Sarah Abood stated: “Residence possession is without doubt one of the cornerstones of retirement planning and among the finest lead indicators of a cushty retirement.  Measures such because the Nationwide Housing Accord, the Regional First Residence Purchaser Scheme, and steps to focus on homelessness and enhance disaster housing, in addition to decreasing the age for individuals to make downsizer contributions to their superannuation (as beforehand introduced), ought to help extra safety in retirement for Australians.

“We additionally welcome initiatives akin to cheaper childcare and extensions to paid parental go away, modifications to the PBS resulting in extra inexpensive drugs, and a dedication to rising actual wages, which is able to assist alleviate the monetary pressures felt by many Australian households.

“As well as, the federal government’s dedication to an pressing evaluate of the regulatory framework for managed funding schemes (MIS) is a welcome growth.” 

Abood stated this price range was centered on implementing the federal government’s election agenda and famous the federal government has dedicated to a price range in Could 2023 as a part of the same old cycle.

“The FPA will proceed to interact with the federal government prematurely of the Could 2023 federal price range on various points which can be necessary to our members, together with broadening the bottom and managing the prices of its proposed Compensation Scheme of Final Resort (CSLR),  extending the freeze on the ASIC levy for an additional yr, broad tax deductibility of monetary recommendation, and for the Australian Taxation Workplace and Centrelink to enhance their on-line entry preparations to make sure monetary planners are in a position to act on behalf of their purchasers.

“We stay up for working with events and stakeholders on insurance policies and initiatives that contribute to inexpensive high quality monetary recommendation for all Australians and a sustainable monetary planning occupation for the longer term.”

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