The Albanese Government may be ready later this month or early June to “share the stages of work” it has been undertaking as part of its response to the Quality of Advice Review final report.

Financial Services Minister Stephen Jones says there will be a “Cabinet consideration of a bunch of recommendations in a few weeks’ time” and that the Government was not “just going to take a report and bury it”.

Financial services lawyer Michelle Levy, who led the review and presented her final report in December, penned a letter last week urging the Government to take up her proposals to revamp the advice sector. Her letter says work on any changes to the proposed measures, if they are needed, can take place at a later stage.

The report, which recommends an overhaul of the personal advice definition and changes to the current best interest duty and disclosure documentation, was released publicly in February and the Government has said it will consult on the proposed measures before making its response.

“If we didn't have a Budget in May, we would have had a Cabinet consideration of it in May or before May and that work would have been out in the field,” Mr Jones told a post-Budget webinar organised this morning by the Financial Services Council.

He says the Budget – delivered on Tuesday – has “taken priority over everything”.

“Absolutely everything. Not just our response to the advice stuff,” Mr Jones said.

“So we’ll have a Cabinet consideration of a bunch of recommendations in a few weeks’ time and I hope to be in a position late May or early June to come out and talk to you about the stages of work that we’ve got proposed.”

He also addressed the “silence” from the Government since the report was submitted in December.

“There’s been a bit of an excitement over the last fortnight about whether [the] silence suggests an agenda. It absolutely doesn’t,” Mr Jones said.

He says he has been criss-crossing the country to “make it quite clear that we weren’t just going to take a report and bury it”.

“If it was my objective, I wouldn't have done any of that. But also I wanted to hear first-hand from industry and fine-tune our thinking on it.”

He says the report represents “a thoughtful and important job that's been done” but explains “it's not going to be the only input into government consideration… there are others”.