The Financial Planning Association of Australia The Financial Planning Association of Australia

Election 2019 update

With Scott Morrison announcing the federal election will be conducted on Saturday 18 May, the major parties have moved from unofficial pseudo-campaigning to official actual campaigning.

The electoral rolls are open until tomorrow – Thursday 18 April. If you need to enrol or change your enrolled address you can do so at Candidate nominations close next Tuesday 23 April, so by mid-next week we should have a complete list of candidates for House and Senate seats across the country.

The Coalition has spent the first week of the campaign continuing its attack on Labor for its tax policies and, in particular, its franking credits policy. Should Labor be elected, the fate of this policy will be decided in the Senate with half of Senators facing re-election on 18 May.

Centre Alliance Party (formerly the Nick Xenophon Team) has confirmed that it doesn’t support Labor’s franking credits policy on the grounds that it is unfair to retirees who have structured their investments around the current franking credit rules. Centre Alliance joins most of the cross-bench which is opposed to Labor’s policy. Only the Greens have offered their support. Neither of Centre Alliance’s two Senators will face the voters this year and they will be looking to add to their representation with another Senate seat in South Australia.

Three Greens Senators and one each from Pauline Hanson’s One Nation and Cory Bernardi’s Australian Conservatives have terms that run until 2022 and are also safe. The remainder of the cross-bench, including six Greens Senators and one from One Nation are up for re-election.

Election to the Senate will be substantially more difficult in 2019 than it was in 2016, when a full Senate election resulted in a much lower than usual quota to be successful. While predicting the outcome of the Senate is difficult, the higher quote should favour more established parties over the independents.

The FPA will continue to bring you updates throughout the campaign on issues that are relevant to financial planners.