CPA Australia supports ALP election pledge to crack down on financial abuse

• Proposal to block perpetrators from receiving superannuation after victim’s death welcomed
• Policy must include integrated support, including legal, financial and emotional assistance for victim-survivors
• Education and awareness critical in combating financial abuse

Today’s promise by the ALP to prevent perpetrators from using the tax and corporate systems to create debts as a form of financial abuse has been welcomed by Australia’s leading accounting body, CPA Australia.

CPA Australia’s Regulations and Standards Lead, Belinda Zohrab-McConnell, said that financial abuse involved complex issues – especially in domestic relationships – economic vulnerability and systemic inadequacies.

“Financial abuse can impose devastating financial and emotional burdens on victim-survivors,” Ms Zohrab-McConnell said. 

“CPA Australia supports the proposal to prevent perpetrators of domestic and family violence from receiving their victim's superannuation after death. By blocking access to victims' superannuation, we can avoid enriching perpetrators at the expense of innocent beneficiaries."

“We also support holding perpetrators liable for social security debts incurred by victim-survivors of domestic and family violence as a crucial step towards justice and accountability.”

Ms Zohrab-McConnell said victim-survivors can face significant barriers when seeking legal recourse or financial support, often due to a lack of awareness about their rights and resources. 

“The complexity of some of the issues involved can also deter them from seeking help, especially when they may be in a financially vulnerable state,” she said. “The policy should also include integrated support, including legal, financial and emotional assistance for victim-survivors.”

Ms Zohrab-McConnell said the proposed measures would not only provide justice for victim-survivors but may also act as a deterrent to potential financial abusers that their abusive behaviour would have serious consequences.

“Financial abuse may arise in domestic and close personal relationships in many forms – including for older, vulnerable members of the community. Should the ALP form the next government, we look forward to collaborating with it to develop the details of this important policy,” Ms Zohrab-McConnell said. 

She said CPA Australia recognised the role accounting professionals can play in identifying, addressing and preventing financial abuse.

“CPA Australia is actively working towards providing guidance for our members, particularly those in public practice,” she said. 

About CPA Australia

CPA Australia is Australia’s leading professional accounting body and one of the largest in the world. We have more than 175,000 members in over 100 countries and regions. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au 

Media contact

Campbell Fuller
Head of External Affairs
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0407 170 500