Meanwhile, the Financial Advice Association Australia said it is ready to continue working with the re-elected Labor government to strengthen the financial advice profession and improve access to quality, professional and affordable advice for all Australians.

Sarah Abood, chief executive of the FAAA, said the association looks forward to working closely with the government to deliver “meaningful reforms that support professional financial advice”.

“Australians are increasingly recognising the vital role that quality advice plays in achieving financial wellbeing. This is a time for genuine policy progress, and we are ready to assist the government in delivering it,” Abood said.

The FAAA recently outlined five priority actions for the next government, developed through extensive member consultation, including fixing the Compensation Scheme of Last Resort, providing adviser access to the ATO portal, delivering effective DBFO reforms and implementing a standardised fee consent form.

Abood highlighted that delivering on these priorities will reduce costs, support growth in the profession, and improve consumer access to advice.

“One of the clearest messages from our members is that well-meaning but overly complex regulation has made financial advice harder to access and more expensive. We need to cut unnecessary red tape and ensure that advisers can focus on delivering great outcomes for their clients,” she said.

She also called on the government to take active steps to grow the profession by supporting new entrants and addressing long-standing barriers to entry.

“We must make it easier for talented individuals to join our profession. That includes offering financial support to employers of Professional Year candidates, making the exam more accessible, and ensuring flexibility in the education framework,” Abood said.

The Super Members Council said it will push for parliament to lift the low-income super tax offset (LISTO) to strengthen retirement for 1.2 million low-income workers.

Misha Schubert, chief executive of the SMC, said as the government looks to pursue changes to tax settings on earnings on high super balances, Australians on low incomes continue to miss out.

“LISTO has not been updated in 13 years, falling out of sync with tax bracket changes and rises in Superannuation Guarantee rates,” Schubert said.

“The drafting of crucial legal reforms to reform super’s death benefit laws so family violence perpetrators do not profit from their abuse is also a crucial item for early action. SMC will continue to work across the full breadth of the parliament to progress a positive policy agenda to make Australia’s world-envied super system even stronger for millions of everyday Australians.”