The Financial Services Council (FSC) has welcomed the additional $547 million in Commonwealth funding for mental health programs, as outlined in the Federal Budget 2022/23 last week by Treasurer Josh Frydenberg.

“The life insurance industry understands the importance of supporting Australians with their mental health, which is why the FSC commends the $547 million in additional funding on mental health programs,” CEO Blake Briggs said.

Demand for mental health support services shot up sharply since 2020 when the pandemic broke out and the $547 million announced in the budget will be spread over five years.

About $285.5 million will be directed at mental health treatment initiatives, $93.2 million for workforce and governance and $76.4 million for prevention and early intervention programs, including ones run by Lifeline and Beyond Blue.

The Financial Planning Association (FPA) says the budget contains measures that represent “small wins” for the profession.

“There are no major changes for financial planners or their clients, which means planners can continue to focus on helping their clients and growing their businesses,” FPA CEO Sarah Abood said.

“It is an opportunity for financial planners to catch their breath after years of change.”

She says the FPA will continue to work with government, regulators and policy makers on issues that will benefit financial planners and their clients.

“The [Australian Law Reform Commission] Review and Quality of Advice Review will be key areas of focus for us this year,” she said.