Budget 2019 and Legal Matters

The government dedicated only $30,5 million over three years for legal assistance services for older Australians, people with disabilities and mental health issues, those experiencing family violence, those living in rural and remote areas and Indigenous Australians.  

Treasurer Josh Frydenberg advised about several benefits to the taxpayers, including tax offsets and reductions of tax rates.  The instant asset write-offs increased. Additional funds are to be committed to improve infrastructure. Significant funds are committed to assist these affected by drougth and flood. There is a promise to establish a Future Drought Fund, Emergency Response fund and expand the National Water Infrastructure Development Fund. The amount of "around $300 billion" are to be committed to all schools and a new scholarship program aimed to students in regional Australia is to be established. The Budget provides for additional financial support for residential care and new home care packages for elderly.  

The Federal Government has announced a $600 million fund to support the recommendations of the Financial Services and Royal Commission. It announced the establishment of the Commonwealth Integrity Commission, ASIC is to receive funding to expand regulation and enforcement of financial services sector banking royal commission. APRA is to receive funding to address key banking royal commission concerns regarding its supervisory and enforcement activities and Office of Information Commissioner is to receive additional funding. 

REDRESS AND COMPENSATION - MISCONDUCT OF FINANCIAL SERVICES PROVIDERS 

Importantly, the Government announced opening of avenues to redress misconduct of financial services provided which is open to consumers and small business. It stated: that:

- It will provide $2,8 million for the Australian Financial Complaints Authority (AFCA) to establish a historical redress scheme for eligible financial complaints dating back to 1 January 2008. 

- It committed $30,7 million to pay compensation owed to consumer and small business from legacy unpaid external dispute resolution determinations. 

- It committed for an industry funded compensation scheme of last resort and will provide $2,1 million to Treasury and $0,5 million to AFCA to establish the scheme. 

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