While the Coalition welcomes the Albanese Labor government’s concessions that financial advice reforms need to extend beyond superannuation, these reforms are meaningless if Labor unwinds years of hard-won protections for consumers within super.

The Coalition called for the full implementation of the Levy Review in June, yet it has taken the government six months to confirm a direction for this important productivity reform.

The government’s final response to the review still lacks concrete timelines for delivery, leaving the industry with significant unanswered questions and lack of regulatory certainty.

The Coalition also will closely examine the government’s proposal before finalising our position.

The Coalition will examine the government’s deviations from the Levy Review to ensure that the implementation is simple, scalable, and supports good outcomes for consumers and the advice industry.

This extends not just to financial institutions, but to personal advisers – who should not be left out of any future conversation about advice.

Expanded financial advice within superannuation will be meaningless if Labor proceeds with plans to unwind the Coalition’s Your Future, Your Super reforms.

These vital consumer protections within super are delivering better accountability, better transparency, and clear comparability for consumers.

Shadow Treasurer Angus Taylor said the government’s slow response to the Levy Review warranted close examination.

“The government was handed a considered and timely review by Ms Michelle Levy that would have provided safer, simpler, and cheaper financial advice to all Australians. This would have had positive benefits to the economy as well as to consumers,” Mr Taylor said.

“Instead, the government has delayed, second guessed the reviewer, and after failing to deliver a response in the Budget, finally delivered a full response to what should be a seminal productivity roadmap for our financial advice sector.

“This is both disappointing and unsurprising after the government buried the Productivity Commission’s 5 Year Review with neither the Treasurer, the Prime Minister, or the Prime Minister’s department having sought a briefing on the Review from the Productivity Commission Chair.

“Whether it’s the cost of living crisis, inflation or productivity – Labor is asleep at the wheel.”

ENDS.