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Government accused of disadvantaging funds management sector
Australian fund managers are being placed at a disadvantage because of government delays in implementing an Investment Manager Regime, according to the Federal Opposition.
The Opposition spokesman on Financial Services, Senator Mathias Cormann, has used answers provided by Treasury officials to claim Government inaction is denying Australian fund managers the opportunity to access new investment funds from overseas.
He said a recent Treasury response to a question on notice confirmed the funds management industry was being hampered by delays to the implementation of the Investment Manager Regime recommended in the Johnson Report.
Cormann said development of the legislation necessary to give effect to the regime had been flagged as far back as December 2010, but was now being treated as a low priority by the Government.
He said this brought into question the Labor Government's commitment towards making Australia a regional financial services centre.
"A robust and internationally competitive Investment Management Regime would allow Australia's world-class financial services industry to compete for investment from overseas investors, especially from the emerging economies in Asia," Cormann said.
However he claimed this was being denied to the local industry by delays and the low priority the Minister for Financial Services, Bill Shorten, was directing to the issue.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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