Just over a month has passed since the 2022 federal elections, with Albania’s new government getting off to a quick start. The main Treasury ministers have been confirmed with Treasurer Jim Chalmers, Financial Services Minister Stephen Jones and Deputy Minister for Competition, Charities and Treasury Andrew Leigh completing the Treasury benches.
A process will be put in place to guide the direction of the new government over the next six months. Key milestones will include an updated budget forecast when parliament resumes on July 26, a jobs summit around September and a budget due October 25.
Initial policy and legislative guidance will include the consolidation of government commitments, particularly outside financial services.
From a financial services perspective, Financial Services Minister Stephen Jones has consistently stated that he will implement the election commitments made and has highlighted a number of key priority areas with stakeholders, in particular:
- Set the regulatory framework for financial advice, so that it is affordable and accessible, and use quality of advice review to do this
- Pick up where the previous government left off with regard to technological innovation in the payment system, central bank digital currencies and other cryptocurrencies and more broadly with regard to digital assets
- Implement their commitments to combat financial scams
- And ensuring the financial system lives up to its ability to withstand cyber threats in an increasingly hostile environment.
The new government will also progress:
- Continuation of the reform of the Your Future, Your Super (YFYS) performance test, in which he is about to announce the details of his electoral commitment to review the test for MySuper products and also to make a decision on the whether to continue or postpone the introduction after the test consultation to the trustee-led products
- Implementation of the Royal Commission on Financial Services, in particular a compensation of last resort scheme (in an expanded form to cover managed investment schemes) and extending the bank executive liability scheme to other entities regulated by APRA – particularly insurers and pension funds.
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