‘Seems to be a bit of a problem’: Bragg takes aim at Jones

The protracted timeline for the government to implement the recommendations of the Quality of Advice Review (QAR) has become the subject of a rolling clock for the opposition, with shadow financial services minister Luke Howarth arguing in September the clock is ticking for the government to act on the final report, which at the time had sat on Financial Services Minister Stephen Jones’ desk for 650 days.

“Like most of its financial services reform agenda, advice reforms have been left to the last minute and are clearly not a priority for this government,” Howarth said.

During a Senate estimates hearing last week, Senator Andrew Bragg continued his questioning of Treasury on the slow rollout of not just the next stage of Delivering Better Financial Outcomes (DBFO) legislation, but also a range of other measures within the broader financial services portfolio.

Responding to a question about how many people are working within Treasury’s markets group, which is responsible for financial advice, Andre Moore, assistant secretary of the advice and investment branch, noted there are around 270 staff members.

“OK, feels like it’s a bit slow going there,” Bragg said.

“Would you say a lot of projects seem to go there to sort of die or not be progressed?”

Moore said: “We have constraints when it comes to the legislative agenda to have things on there and there are things outside our control.

“Within the group, though, we are also responsible for the things that you’re aware of, where they become the financial system, market conduct, corporations law, competition and consumer policy, the competition task force, [consumer data right] and a range of other things.

“We prioritise those things that are important to the government of the day.”

According to Bragg, the delays extend beyond financial advice and a range of measures feels a “long way away”.

“Is the constraint here the assistant treasurer’s office?” he asked.

Finance Minister Katy Gallagher interjected to disagree with Bragg’s assessment.

“No. I know you’d like to besmirch him every chance you can. He has a very large workload and a very high legislative agenda, probably, I would think next to perhaps the [attorney-general], the biggest legislative agenda,” Gallagher said.

“And there’s constraints, for example, in drafting, resources and other things. And this tends to be … in my experience, these bills are often contested and complex.”

However, Bragg added that he “read in the paper” that the “only way stakeholders can get meetings with him is by going to a Labor Party fundraiser”.

“So, he seems to be a bit of a problem.”

Howarth had previously criticised Jones for “continually scapegoating” its department and blaming a lack of legislative drafters for its shortcomings.

“The Coalition would implement the Levy review in full and, unlike the government, we won’t treat this as the end of the road for deregulation. This is the beginning, not the end for cutting red tape for financial professionals,” he said earlier this year.