Stephen Jones

If it becomes law, the Scam Code Act will require social media companies, mobile networks and banks to be far more vigilant in preventing fraudulent behaviour. Failure to do could see them liable for fines of up to $50 million.

Determining how to maximise your retirement income from the age pension and superannuation can be complex, with many needing financial advice to avoid the pitfalls, says Innova Asset Management managing director Dan Miles.

To fill Australia’s financial advice gap and empower better financial and retirement outcomes for millions, the government’s plan will create a “new class of advisers” from the institutional ranks to provide simple advice to customers. Industry groups have applauded the move.

The government’s move to shift Australia’s superannuation system to a focus on the retirement phase might be a big ask for a population long focussed on accumulation. But it’s a necessary one, as most retirees don’t fully grasp how to make their golden years work for them.

With language that largely matches the original proposal, the government’s objective of superannuation is now a step closer to being enshrined in legislation. While industry support remains broadly strong, some take issue with the bill’s wording, some with whether it’s needed at all.

“Unresponsive. Slow. And not member-focussed.” The Assistant Treasurer took superannuation funds to task for failing members on several levels at a “critical juncture” for the system, repeating the government’s call for a legislated objective of super.

Financial advice will take a different shape in the future, with the infamous Statement of Advice no longer mandatory and swathes of red tape slashed. The government has also plumped for super funds to play a much larger role in the advice spectrum.

Consumer access to sound advice comes first, according to Michelle Levy, the Allens partner who recently led a review into the sector. She urged the government to dispense with any further consultations and get on with implementing the review’s far-reaching reforms.

Speaking at the SMSF Association’s National Conference, the assistant treasurer called out “modern-day Edmund Hillarys” seeking to raid Australia’s “Mount Everest of superannuation” as he pressed the need for an objective for super that prioritises preservation.

Stakeholders are asked for feedback on the government’s proposal to define super’s objective in legislation for the first time, with industry bodies lining up in support.