Australia's financial services landscape enters a period of potential regulatory recalibration following Labor's decisive election victory, with Treasurer Jim Chalmers identifying global economic uncertainty as the government's key priority. Industry stakeholders are reassessing expectations around major reforms, particularly the controversial Delivering Better Financial Outcomes (DBFO) package. At the same time, digital transformation accelerates with ASIC's launch of a new user-friendly portal for licensees.
The advice profession received welcome news with confirmation of continued recovery in adviser numbers, posting a net increase of 41 advisers in April 2025 and returning to over 15,600 for the first time in a year. Despite this positive trend, industry bodies including the FAAA and TAA have delivered scathing assessments of DBFO Tranche 2 reforms, describing them as "concerning" and "disappointing" while arguing they offer minimal substantial change to reduce compliance burdens.
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Fixed income is experiencing a renaissance in Australian portfolios, with experts highlighting the hidden strength of duration in today's market environment. New product launches continue with Channel Capital's Apollo Asset-Backed Credit Trust targeting yield-hungry investors, while significant consolidation unfolds with Platinum Asset Management and L1 Capital confirming merger talks. Meanwhile, Magellan continues to face challenges with $1 billion in monthly outflows.
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The election outcome has been cautiously welcomed by the superannuation industry, with stakeholders hoping for a period of policy stability after years of contentious debate. Major personnel changes continue to reshape the landscape, with Cbus appointing a new Chief Investment Officer and announcing plans to manage 50% of investments in-house. At the same time, Aware Super has commenced a global search for a new CIO as incumbent Damian Graham plans his departure after seven years.
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Australia's life insurance sector stands at a critical juncture, with stakeholders describing the current state as a "burning platform" requiring immediate attention as premiums edge lower. The Australian Financial Complaints Authority (AFCA) has ordered Zurich to pay a previously rejected TPD claim after finding the insurer failed to review the claim with fresh eyes. Meanwhile, surveys indicate advisers are increasingly warming to charging fees for risk advice, with growing sentiment that this approach is more achievable than previously thought.
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ASIC has launched a new portal for Australian Financial Services Licensees, streamlining AFSL applications and administrative processes as part of broader efficiency initiatives. The regulator continues its enforcement actions, cancelling Brite Advisors' license and banning an unlicensed Western Australian adviser for serious compliance failures. Meanwhile, research has revealed that APRA levy costs to superannuation funds have increased by 147% over the past decade, raising concerns about regulatory cost burdens being passed to members.
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Financial services stakeholders should monitor the government's formal response to industry feedback on DBFO Tranche 2 expected mid-May, along with ASIC's scheduled release of updated regulatory guidance on financial adviser conduct obligations by May 20. The announcement of a new Minister for Financial Services following the cabinet reshuffle will provide critical insights into regulatory priorities moving forward.