Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

Senator Dastyari actually started quite well with his first question, and I answered it very clearly. His second question makes an erroneous assertion. The position we took to the last election was that we would improve the Future of Financial Advice laws which impose an excessive regulatory burden on consumers and on financial planners. We have said that we would maintain the best interest duty, and, indeed, strengthen the operation of the best interest duty by providing certainty for consumers and financial planners on how it operates, and we have said we would not be bringing back conflicted remuneration for financial advisers. We stand by those commitments. We will, however, cut all of the unnecessary red tape which is unnecessarily and inappropriately pushing up the cost of advice for those Australians saving for their retirement. We actually think that Australians should have access to the most affordable, high-quality advice possible. (Time expired)