In a Budget almost bereft of significant announcements around the provision of financial advice, the Financial Planning Association (FPA) pointed to caps on Australian Securities and Investments Commission (ASIC) spending and confirmation that the Financial Adviser Standards and Ethics Authority (FASEA) would be wound-down by 31 December this year.
FPA chief executive, Dante De Gori said the organisation generally welcomed the Budget, particular the changes to superannuation and aged care.
“The practical changes announced to superannuation will provide all Australians with greater flexibility to maximise their retirement. The FPA welcomes the Government’s decision to introduce flexibility but not substantial changes to superannuation. Superannuation should not be constantly tinkered with, a position the FPA has consistently held,” he said.
“There is still significant regulatory change this year with the finalisation of FASEA deadlines, implementation of Royal Commission recommendations, changes to the super system, as well as dealing with the current pandemic and outcomes of the economic environment caused by it.
“This is a positive budget for the economy, with a focus on jobs, growth and supporting the disadvantaged. We will be working closely with members to ensure they understand the finer details of the Budget and the opportunities it presents to engage with their clients.”