Labor wins: What super, advice industries want

Industry groups representing financial advice and superannuation have congratulated Anthony Albanese and the Labor government for the overwhelming federal election win over the weekend.

Super Members Council (SMC) said it is looking forward to working with the Albanese government to further strengthen the retirement of millions of Australians.

SMC called on the government to move swiftly on the passage of payday super legislation within the first 100 days of Parliament, and the Delivering Better Financial Outcomes (DBFO) reforms.

SMC said it would also push for the parliament to lift the Low-Income Super Tax Offset to strengthen retirement for low-income workers, mostly women, to get a fairer tax deal on super.

The super lobby group called on the Albanese government to draft of legal reforms to around super's death benefit laws, so family violence perpetrators do not profit from their abuse.

The group also called for "ending age-based discrimination" in super by axing laws that exclude most under-18-year-old workers from being paid super.

SMC chief executive Misha Schubert said the election result was a clear message that Australians want a strong super system.

"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," Schubert said.

Similarly, the Financial Advice Association Australia (FAAA) said it is looking forward to working with the re-elected Labor government and new financial services minister, following the retirement of Stephen Jones.

FAAA chief executive Sarah Abood reaffirmed the FAAA's commitment to collaborating on critical policy areas to improve the sustainability and accessibility of financial advice.

"We congratulate the returning government and look forward to working closely with them to deliver meaningful reforms that support professional financial advice," Abood said.

"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."

Prior to the election, the FAAA outlined five priority actions for the next government, including fixing the Compensation Scheme of Last Resort (CSLR), providing adviser access to the ATO portal, delivering effective DBFO reforms and implement a standardised fee consent form, instigating a financial services razor-gang to cut red tape and supporting new entrants to the financial advice profession.

Abood said that delivering on those priorities would 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," Abood said.

"We continue to urge the government to fix the CSLR so that financial advisers are not unfairly burdened by the cost of product failures. A cap on the advice levy and a more equitable funding model are essential."

Abood 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," she said.

"We are optimistic about the opportunities ahead and confident that by working together, we can create a more sustainable, fair, and accessible financial advice system for the benefit of all Australians."

Meanwhile, CPA Australia urged the newly elected government to revitalise, reform and repair the Australian economy.

CPA Australia chief executive Chris Freeland said he looks forward to the government delivering a clear and optimistic vision for how it plans to improve business productivity, inspire innovation and deliver a culture-shift that promotes growth through reduced regulatory pressure.

"Amid so much global uncertainty, the government should implement a long-term strategic plan to improve Australia's economic prospects, not just for this term but for future generations," Freeland said.