The AIOFP asks, “What’s next?”

Despite the anger and frustration around another ‘stitch up’ by the Canberra Bureaucrats, the Advice Community needs to take a step back and have a close look at what we can actually do about it in a cold and calculating way. Venting our anger at the end of articles will achieve very little in Canberra, we all need to do more.

Essentially two options emerge.

As we have alluded to in previous emails, the Canberra Bureaucrats takeover the Ministers office and direct policy to suit their agenda, whatever that may be. One thing the Bureaucrats cannot do however is directly change or act against lawful legislation, only the Politicians can change or create policy through the Parliamentary process.

The Treasury ‘consultation’ process most Associations have attended over the past 10 years to supposedly seek our views has proven to be a waste of time. They have already made up their mind on policy direction and take no notice of suggestions from the ‘coal face’ of Advice professionals. Hence our frustration, Canberra Bureaucrats who have little or no contact with consumers are making decisions that directly affect the lives of consumers and small business.

The success of our Education Pathways legislation was achieved without going through the bureaucratic process. WHY?

Because we dealt directly with an honest Politician who sought direction from his party, promised to deliver whilst in Opposition and did so when Minister without the Bureaucrats getting involved to any meaningful way post- election. In this instance the Minister at the time also agreed within 36 hours to match the policy, that is the power of a bipartisan outcome we must seek.

There is the first option, get bipartisan agreement ‘in blood’ BEFORE the upcoming election from the Politicians, essentially bypassing the post – election Bureaucratic influence.

To achieve a bipartisan outcome, we need to demonstrate political power to unsettle the Politicians. To maximise our power you need to engage your clients with the policies that are now directly costing and affecting them. CSLR is the latest one.

Angry consumers sending protest emails to their local member will intimidate Canberra.

Only you can do this.

The second option we have is the Advice community raising plenty of cash to make strategic donations to political parties in exchange for ‘policy considerations’.

As we all know, money speaks all languages, particularly so around election time. The Politicians jobs are literally on the line, with less than 10% members of the former Parliamentary Pension Super fund, most are worried about their future income position if they lose their seat. Nice time to strike.

The question now is are we going to do something about it?  Will you put your hand in your pocket and/or engage your clients? If we the Advice community do not, who else will?

We will be sending around a survey seeking your propensity to support an ‘election fund’.   

Below is a link to a MAY 2022 article in the FINANCIAL NEWSWIRE about the voting preferences of the Advice industry leading into the election, interesting reading.


Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 1211, 1 Queens Road, Melbourne VIC 3004
P 1800 111 203, d 03 9863 7574, m 0418 857 621 | Download my business card

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