Industry reactions to the Federal Budget have been mixed, with life insurers welcoming the Albanese Government’s measures to ease living cost measures and financial advisers saying they hope for more clarity soon on the Australian Securities and Investments Commission (ASIC) levy. 
 
The 2023/24 Budget delivered last week by Treasurer Jim Chalmers includes a $14.6 billion relief package to help households and small businesses cope with inflation. 
 
“As the national peak body for life insurers, [we are] focused on ensuring Australians have peace of mind about their financial wellbeing throughout their lives,” Council of Australian Life Insurers CEO Christine Cupitt told insuranceNEWS.com.au. 
 
“It is good to see the Government delivering increased financial support to protect Australians in tough financial times.” 
 
The Financial Advice Association of Australia (FAAA) – formed this year from the merger of Financial Planning Association and Association of Financial Advisers – says the Government has provided a relatively gloomy outlook for its Budget despite achieving a surplus, with few surprises. 
 
CEO Sarah Abood says the peak body is “very keen to see more clarity soon from the Government on the impact of the ASIC levy on the financial advice sector”. 
 
"The costs for advice businesses continue to rise and it is a high priority to minimise the impact of the levy being unfrozen from the current financial year,” she said. 
 
“A great way to make financial advice more affordable for consumers, is to reduce the business costs involved in the provision of advice – and this is one important way the government can assist.” 
 
The financial planning industry has been urging the Government to freeze the ASIC industry levy pending an ongoing Treasury review of the regulator’s Industry Funding Model. 
 
Levy fees have been frozen at 2018/19 levels, at $1142 per adviser/planner, under a two-year relief scheme introduced by the previous Coalition government. The relief applied to the 2020/21 and 2021/2022 years.