The Australian Greens will support the federal government's proposed changes to financial planning laws to rid the industry of secret commissions, Leader Bob Brown said today.
"These changes are long overdue and I commend the government for taking a strong stance to ensure consumers are protected.
"Financial planning is an increasingly popular service and consumers need to be confident that the advice they are receiving is in their best interests.
"We recognise that the changes are likely to increase the upfront costs of obtaining advice and so will look at ways to ensure low-income Australians are also able to access the benefits of planning for their financial futures.
"What is also rapidly needed is a review of managed investment schemes which financial advisers have promoted, but which have failed, leaving thousands of Australians losers. These schemes backing broadscale plantations should not be given unfair market advantage with tax deductibility," Senator Brown said.
Senator Brown reiterated the Greens' support for a new resource tax on windfall profits by mining companies to be collected and placed in a sovereign fund for Australia's future.