Crossbenchers are likely to play a larger role in directing government policy decisions around financial advice and superannuation going forward with the pending federal election opening the way for them to carry even more political weight.
Financial Advice Association Australia (FAAA) chief executive Sarah Abood said in an online briefing that the rise of minor parties and independents demanded a strategical roadmap.
“We’re focusing on refining what our strategies are and how we want to engage with both sides of parliament, and also critically the crossbenchers when it comes to their policies in our area,” Abood said during the end-of-year briefing to FAAA members.
“I do not know who will win the next election, but certainly most of the people that we are engaging with have a view that it’s likely the crossbench will be even more important than it has been in the next parliament.
“So we need a real focus, not just on the coalition and Labour, but on the teals, the Greens and the independents that will have, most likely, a very big impact on what policies the next parliament is able to implement.”
She said plans to target key electorates were being developed and the association would engage with members as those initiatives came to fruition.
Smarter SMSF technical and education manager Tim Miller also noted the rising importance of the smaller players in parliament, stating 2025 was going to be “an interesting year” with an election due to be called by early May at the latest.
“Whether that means there’s going to be a change of government or not, none of us really know that,” Miller said during a webinar in mid-December.
“In the landscape of our political space we’re going to continue to see more power being given to crossbenchers in the Senate.
“In light of some of the legislative changes that have occurred around the objective of super, it means there’s going to be a lot more negotiation needed and policies will probably start to be either at the total extreme because you’re pandering to the extreme parties from a political point of view or we’ll see minimal changes that will come in until there is one party that has the balance of power.”