|SYDNEY: 7 October, 2020 – The Association of Financial Advisers (AFA) welcomes the individual tax cuts and business tax incentives announced in last night’s Federal Budget (the Budget).
AFA CEO, Philip Kewin said, “We also welcome the job making initiatives and the Your Super measures, which should improve the efficiency and transparency of the superannuation system. The Budget should serve to build trust and confidence and generate employment and economic growth.”
However, the AFA expressed disappointment that there were no specific measures contained in the Budget to help reduce the cost of, or improve access to financial advice.
“In the middle of the COVID-19 crisis and the worst recession in a century, Australians really need financial advice and we would therefore have liked to have seen measures that reduce the cost and improve access to financial advice,” Mr Kewin said.
“People with access to financial advice make better financial decisions and have a better future and clearly that is what Australians need right now. Financial advice will help drive the economy forward.”
The AFA also noted the lack of any measures to support self-funded retirees.
“The pandemic has been very tough on self-funded retirees and our community of financial advisers has worked hard to help these people, many of whom have experienced a significant decline in investment income and investment values,” Mr Kewin said. “We would have liked to have seen self-funded retirees given some help that would allow them to better navigate the ongoing crisis.”
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About the AFA
The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 70 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally the AFA believes in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.