SMSF Assoc welcomes Labor win, urges Govt | Australian Markets

The SMSF Association’s chief govt, Peter Burgess, has welcomed the re-election of the Labor authorities on the identical time as urgent for more collaboration with industry gamers to help the self-managed superannuation fund (SMSF) and financial advice sectors.

Burgess stated the need for industry contributors, regulators and authorities to work collectively has turn out to be all of the more pressing after the Productivity Commission’s report indicated $3.5 trillion would move on to future generations over the subsequent 25 years, calling for a streamlined, seamless and appropriate advice framework to information customers and SMSF specialists by the wealth switch.

“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,” he stated.

“We strongly help significant reforms which improve the accessibility and affordability of high-quality financial advice for customers and we sit up for working with all members of the new Parliament to realize these outcomes.

“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.”