The Coalition has thrown its support behind advice and the broader financial services sector, with shadow treasurer Angus Taylor vowing to introduce a bill to legislate a raft of reforms if elected.
In his post-budget address at the National Press Club on 02 April, Taylor put a clock on the Coalition’s plans to finalise financial services reforms that “Labor has failed to prioritise” if it is victorious on 3 May.
“Today I announce that the Coalition will introduce the Securing Australia as a Financial Centre Bill within 100 days following the election,” the shadow treasurer said.
“This bill will legislate key financial services reforms that Labor has failed to prioritise – ranging from payments system reforms, digital assets regulation, and restoring our financial advice profession.”
The announcement was part of a broader focus on the financial system, with Taylor calling it the “nervous system of our economy”, adding that the wide-ranging bill would “unlock” the sector and “make it easier for Australians to afford a home, plan their retirement, and start a business”.
The Coalition’s goal, he said, is to position Australia as a “financial centre for our region”.
“In recent months I have outlined policies to drive this agenda,” Taylor said, which include:
- Reforming our capital markets to strike the balance between financial stability and affordability of getting into a home, getting insurance, and starting a business.
- Enacting the Productivity Commission’s 2018 recommendation to boost competition in our financial services by putting the ACCC on the Council of Financial Regulators.
- Reforming the Corporations Act to simplify our financial services law and unleash our corporate bond market.
- Establishing a taskforce to develop a Foreign Investment Fast Track for trusted investors from our key security partners.
While the Securing Australia as a Financial Centre Bill didn’t make it onto the list of bills that prospective PM Peter Dutton pledged to introduce on the first day of the next Parliament – with those focused on energy prices, immigration and housing, security, and essential services – the commitment is in stark contrast to the slow progress on financial services reforms over the last three years.
In a statement following the speech, shadow assistant treasurer and shadow financial services minister, Luke Howarth, said the Coalition would make the sector a priority for government.
“There is a litany of financial services reforms the Albanese government has promised but let fall by the wayside. The Coalition will act quickly to cut red tape and provide much-needed regulatory certainty,” Howarth said.
Also set for introduction in the first 100 days, Taylor said, is the appointment of an Investment Australia chair and establishment of three investment taskforces to “reduce regulatory costs in our key enabling sectors: financial services, construction, and resources and energy”.
According to the shadow treasurer, this is “one of the most significant changes to how government facilitates private sector investment in decades”.
“We will establish a statutory office within Treasury called Investment Australia,” he said.
“Investment Australia will consolidate and streamline investment facilitation across government – under a united function with clear leadership that reports directly to the Treasurer and the cabinet.
“It is about fast-tracking investment, not holding it back with bureaucracy.”
He added that the body would have a mandate to boost Australia’s competitiveness and facilitate investment.
“Its legislated powers will include call in powers to hold regulators and agencies accountable for bureaucratic delays on significant projects for our nation, implementing statutory deadlines for approvals and pathways for escalation to cabinet,” Taylor said.
“This will drive Australian jobs, increase investment into Australia, and restore our economic potential.
“Central to Investment Australia’s competitiveness mandate will be a mission to make it cheaper to build, finance, and power our country.”
In a LinkedIn post shortly after the announcement, the Financial Services Council (FSC) said it welcomed Taylor’s election commitments.
“The Coalition has committed to complete the process of financial advice reform, reduce the red tape burden on the financial services industry, and introduce measures to establish Australia as a regional financial services centre,” the FSC said.
“The FSC outlined our pre-election policy priorities earlier this year, and today’s announcement is a nod to measures we have advocated for to help the sector and Australia reach our economic potential.”
Angus Taylor will be speaking at the Momentum Media wealth portfolio’s pre-election event on 10 April. Click here to find out more.
