Calls by the FAAA to fix the problems with the CSLR, ASIC funding levy, the financial advice exam cost and ATO portal access have been ignored in this year’s Federal Budget.

FAAA CEO Sarah Abood said she was disappointed that while financial advisers continue to struggle with significant cost increases, like many small business operators, calls to the government have been disregarded.

“Minister Stephen Jones has acknowledged the importance of financial advice but there is little remedy for the skyrocketing costs that advisers have been and will continue to pay. Much of these costs will inevitably be passed on to consumers, further raising the cost of professional financial advice that more Australians need more than ever.

“While there are some positives here for advisers running small businesses, in the extension of the instant asset write-off scheme for a further year, along with energy rebates, we continue to urge the government to consider the six ideas we have put forward. These will have a direct practical impact on reducing the cost to consumers of professional financial advice.”

Good news for consumers of financial advice included some updates to social security deeming rates and aged care funding arrangements, along with previously announced tax cuts and new energy rebates.

Large packages for AML/CTF adherence ($168 million) and the rollout of Digital ID ($288 million) should have a positive impact on the work that financial advisers do.

“It is good to see the government committing to these reforms and we look forward to working closely with the government on both,” said Ms Abood.

"We will have more to say about the Federal Budget over the coming days and encourage members to register for the FAAA member webinar on Thursday.”

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