Sinodinos, Sen Arthur

Senator SINODINOS (New South Wales—Assistant Treasurer) (14:57): The benefit to consumers will be that financial advice will be both more accessible and more affordable—and there will be more of it available, including what is called scaled advice, which is very specific to a particular issue affecting a financial adviser. It is very important we understand that these costs are not a free lunch; they have to be passed on to consumers. By reducing those costs and promoting competition in the sector, we will promote lower fees and lower costs to consumers. More people will get access to affordable advice.