When I wrote my submission for the QAR review, I discussed the Industry Funding Levy on financial advisers that was the primary cause of advisor industry numbers dropping from around 28,000 in 2018 to less than 16,000 in 2023. ASIC investigation and enforcement costs increased from $23 million to $55 million in 2022-23 to be levied to financial advisors. For my 2 AFSLs, we are expecting ASIC levy Invoices for $51,255. Senator Bragg (Chair of Senate Economics References Committee Hearing on 4 October) asked, "What benefit do we get from the levy?" I replied, "Nothing". When the ASIC $55 million Invoices in levies be issued soon, how many advisers will depart the industry and how many will remain to implement QAR? Why do research organisations look at each matter in isolation, when both are dynamically directly bonded affecting industry effectiveness and efficiency?

In the Senate Hearing, in reply to another Senator's question, my reply was: "I apologise for using Australian slang, it is in my submission: 'If your Police car runs over a dog, why should we have to pay for the dog?'" I apologise to dogs because they did not cause this political levy impost.