It is unlikely that the advice industry would see anything eventuate from the Ripoll inquiry into financial products and services this year, former politician and lobbyist for the Association of Financial Advisers (AFA) Kerry Chikarovski told AFA delegates in Sydney yesterday.
Chikarovski said it was probable that the easier recommendations to come out of the Henry review into taxation would be implemented, but that it was unlikely anything would be announced regarding the Ripoll inquiry in time for the May budget.
She said the government would most likely hold off as it would wait for the Cooper review into superannuation to come out in June.
"The government will probably implement some of the simpler recommendations to come out of the Henry review so that it is seen to be doing something, but I don't think you will see anything controversial until next year when someone has been elected," Chikarovski said.
The debate about whether the superannuation levy should be increased would most likely face the same hurdle, with no party wanting to commit with an election looming, she said.
"It's surprising because all of the information that has been coming out has said that if something isn't done now, there won't be enough money in superannuation savings or enough people to support the aged pension," Chikarovski said.
Despite a pending election, she said now was an opportune time for the industry to contact local members of parliament because these are the times when they listen the most.
"If you express yourselves, then when it comes time for these members to vote on legislation, which will probably be next year, they will have a much better understanding of what the impact of such legislation will be," Chikarovski said.
