Government calls election – Caretaker mode
AFA News 14 April 2022. On Sunday 10 April 2022, the Prime Minister called the Federal election for Saturday 21 May 2022. The Government now moves into caretaker mode, with all regulatory decisions deferred, until we have a result.
With the election now called, this means that outstanding legislation, such as the Compensation Scheme of Last Resort is put on hold, and any reforms that could be resolved by regulation or legislative instrument, such as the modification of the Education Standard, is also deferred until after the election.
We have been calling for a quick resolution on the issue of the Education Standard, as we wanted to ensure that advisers had the certainty that they needed to get on and undertake the education they were required to complete. Unfortunately, it seems that as a result of the diversity of views in the advice profession, the Government has now chosen to defer the decision until after the election and it will be the responsibility of the new Government (either Coalition or ALP) to finalise. We hope that this is a priority for the new Government, and it can be resolved as soon as possible.
As a result of the caretaker convention, we can expect the Treasury and even the Quality of Advice Review to take a low profile until after the election.
We will have the chance to reflect upon the election result and the potential consequences in our National Roadshow in late May/early June.
For any questions on the election or the Education Standard, please email firstname.lastname@example.org.
Issued 14.04.2022. AFA Policy & Education Update