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Were FASEA’s hands tied on CPD recognition?

The standards authority has defended its decision to not allow a wider definition of industry learning to be recognised in its education framework, despite a Coalition senator pointing to sections of the FASEA legislation that provide some leeway on the matter.

by | 27 Jan, 2021

Were FASEA's hands tied on CPD recognition?

In a number of questions on notice to FASEA, Senate economic references committee member Amanda Stoker pointed to paragraph 6.9 of the explanatory memorandum to the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2017, the legislation that had originally established the remit of the standards authority.

Read more at ifa (Independent Financial Adviser).

Budget highlights at a glance

Major Spending Initiatives
  • $36 billion in new spending 
  • $17 billion in personal tax cuts 
  • $8.5 billion in universal Medicare spending 
  • $5 billion for childcare 
  • 20% of student debt wiped for 3 million students 
  • $150 off power bills for all households and small businesses 
  • Prescription costs capped at $25 each 
              Economic Forecasts
              • Growth: 1.5% in 2024-25, rising to 2.25% in 2025-26 
              • Inflation: Expected to return to 2-3% band by June 2025 
              • Wage growth: Outpacing cost of living rises by 0.5% this year
                  Business Measures
                  • Non-compete clauses removed for workers earning under $175,000 
                  • $20 million “Buy Australian” advertising campaign 
                  • Incentives for construction and building worker apprentices doubled from $5,000 to $10,000 
                  • Uncertainty around the instant asset write-off scheme 
                  • Foreign investors restricted from buying new homes 
                          Budget Position
                          • Deficit: $27.6 billion in 2024-25, rising to $42.1 billion in 2025-26 
                          • Government spending as a percentage of GDP rising to 27% 
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