Labor’s Empty Plan for Financial Advice

After 18 months of dribbling, Stephen Jones has finally released a draft bill on financial advice.

That’s all it is, a draft bill on just half of the recommendations from the Levy Review. After 18 months.

Releasing a draft bill at this stage of the term means there will likely be no substantive financial advice reform passed in the life of this Parliament.

Financial advice costs will therefore stay at an unaffordable average of $3500 per person.

Mr Jones and Labor still haven’t indicated whether they intend to legislate the serious recommendations of the Levy Review.

If Labor was serious about cutting red tape from financial advice, they would prioritise implementing the recommendations of the Levy Review, in full.

But today’s announcement shows that Labor and Mr Jones are not serious about making financial advice more affordable or accessible.

Under Mr Jones’s watch, financial advisers have been hit with the largest tax increase in living memory. This year, Labor has increased levies on financial advisers from $1100 to $3200 per adviser - a 180% increase.

Financial advice has never been so unaffordable and it's getting worse. Australians deserve better.