In the federal Budget this week, the government announced it would provide $38.4 million over three years from 2022-23, and $12.6 million per year ongoing from 2025-26 to implement the government’s response to the inquiry into the future directions for the consumer data right (CDR).
The government is currently consulting on the expansion of the CDR to financial products and services offered by the non-bank lending, merchant acquiring, general insurance and superannuation sectors.
FPA chief executive Sarah Abood said improved access to client data might lead to more efficient advice preparation for advisers.
“Increased funding for the consumer data right inquiry holds out hope that planners will have improved access to client data in the future, with potentially significant efficiency gains in advice preparation,” said Ms Abood.
This year’s Budget gives advisers a chance to “catch their breath after years of change”, she said.
“There are no major changes for financial planners or their clients, which means planners can continue to focus on helping their clients and growing their businesses,” she said.
“The tax offsets for small businesses, supporting digital transformation and upskilling of staff, will be very useful for financial planning practices – many of which are small businesses themselves.”
Ms Abood said the FPA looked forward to the budget reply from the Opposition later this week.
