Jess Walsh (Victoria, Australian Labor Party) Share this | Hansard source

I rise to speak on the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024. This bill is just the start of the government's response to the Quality of Advice Review, with tranche 2 of our Delivering Better Financial Outcomes reforms on the way as well. Despite all the hyperbole from the Greens and all the negativity from the Liberals in this chamber today, these are reforms that are well supported. These are reforms that will allow more Australians to access financial advice and make it more affordable for them. It's as simple as that.

This is critical reform as more and more Australians approach retirement. Our government is committed to making it easier for Australians to receive the financial advice they want. So, again, this bill delivers tranche 1 of our Delivering Better Financial Outcomes reforms. The measures in the bill will streamline ongoing fee renewal and consent requirements into a single form, provide flexibility in how financial service guide requirements can be met, simplify the rules banning conflicted remuneration, introduce new consumer consent requirements for certain insurance commissions and clarify how financial advice is paid from a super balance when it relates to retirement outcomes. We know these reforms will slash red tape for financial advisers and reduce the cost for Australians to access this advice. We know that because stakeholders have told us that, and we know that because the sector has told us that. And, again, this is a bill that is simple in intent and well supported by the sector.

The Economics Legislation Committee recently conducted an inquiry into the bill, and the support from across industry was overwhelming. Representatives from the financial advice industry, super funds and insurers told us that these reforms are a crucial first step. The Financial Advice Association Australia told the hearing that these reforms 'will materially reduce costs involved in providing financial advice'. The National Insurance Brokers Association of Australia told the committee that they are 'supportive of the reforms because they will enable Australians to get access to quality advice'. The Council of Australian Life Insurers noted, 'This bill is a critical first step to expanding Australians' access to financial advice and reducing red tape for financial advisers.' The Super Members Council told the committee that this bill is a critical 'first step to achieving wider and better access to affordable financial advice for millions of Australians who urgently need it'.

So, again, despite the rhetoric in this chamber, there is wide support from across the sector for these reforms, which will make financial advice more affordable. And industry recognises and welcomes that we are reducing red tape and costs for financial advice.

We're pleased that the opposition will support the bill, because it is a good bill. We are providing the certainty that the advice industry and the super sector need around facilitating that advice as well. We know that it's important for Australians to have access to financial advice, particularly as they approach retirement.

That's why we're getting on with the job of implementing these reforms. They are well supported. They cut red tape. They deliver better financial outcomes. And it is a good thing that, through a process of consultation with industry and with stakeholders, we have a bill before the parliament, supported by the opposition, that will do just what it says on the label: deliver better financial outcomes.