In short
The Australian Government responded to the Quality of Advice review as part of its Delivering Better Financial Outcomes package.
Package
The Delivering Better Financial Outcomes package comprises 3 streams:
- Stream one – removing onerous red tape that adds to the cost of advice with no benefit to consumers
- Stream two – expanding access to retirement income advice
- Stream three – exploring new channels for advice
Consultation
The Australian Government will be consulting industry and consumer stakeholders on the three streams over the coming months and expects to issue its final response on the Delivering Better Financial Outcomes package later in 2023.