Just two days out from the Federal Election, the Financial Planning Association (FPA) has issued a document to its members comparing the policies of the various political parties, including on the key question of a Royal Commission into the banking and financial services industry.
The document makes no recommendations to FPA members but makes clear that the Coalition Government is the only political entity to have formally stated its opposition to a Royal Commission with the Australian Labor Party and the Greens leading the way among the parties most firmly in favour.
The only other political entity indicating opposition to a Royal Commission appears to be the Liberal Democratic Party with the FPA noting that “David Leyonhjelm has questioned the value of a Royal Commission on the basis that it is unlikely to uncover anything not already known”.
The comparison document also makes clear a similar clear difference in the policy position of the Government and Labor on negative gearing, but the picture with respect to superannuation policy is much more complex.
The policy comparison document points to the superannuation changes announced by the Government in the Federal Budget, the approach which has been outlined by the Australian Labor Party and the progressive tax rate on contributions proposed by the Greens. It then points to the approach of the Nick Xenophon team including the immediate lifting of the superannuation guarantee and annual general meetings for superannuation funds.
