The SMSF Association congratulates the Labor Government on its re-election and looks forward to working with the Government on measures which strengthen the sustainability and viability of the SMSF sector and the financial advice profession.
SMSF Association CEO Peter Burgess says with the SMSF sector being a vital component of the superannuation industry – total funds exceeding $1 trillion and membership nearing 1.2 million – it’s imperative we work together on issues of importance to our members and their clients.
We strongly support meaningful reforms which improve the accessibility and affordability of high-quality financial advice for consumers and we look forward to working with all members of the new Parliament to achieve these outcomes.”
He says the Productivity Commission report that highlighted $3.5 trillion would pass on to future generations over the next 25 years emphasised the need for the industry, regulators and government to work together to establish a suitable advice framework that minimises its cost and expands its consumer reach.
“From the perspective of the SMSF sector, having a professional advice sector that can service the 1.2 million Australians who choose to manage their superannuation is critical, and we welcome the opportunity to work constructively with the Government on legislative and regulatory reforms that will deliver this result.