Submitted by Ross Smith on Wed, 2023-07-19 10:50

Hon Minister Jones should seek advice from the Australian Commonwealth Actuary about the number of financial advisers needed for a population of 26 million in order to implement Quality of Advice Review. My intuitive estimation is 1% of population or 260,000 financial advisers to have a quality vibrant advice profession. Minister Jones, 30,000 is only a water droplet in a bucket and will never compensate for the opportunity cost on the bushfire of the lack of qualitative financial advice in Australia. By comparison, the household savings ratio in Asia was 44%. Excluding SGC, what is the household savings ratio in Australia?

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