The appointment of Chris Bowen as the new minister for financial services, superannuation and corporate law and human services has been welcomed by various financial services industry associations.
Bowen's promotion follows the Prime Minister's cabinet reshuffle announced over the weekend, which saw senator Nick Sherry appointed to assistant treasurer.
Bowen's elevation to cabinet was good news for the financial services industry, the Investment and Financial Services Association chief executive Richard Gilbert told InvestorDaily.
"This is a very big role for minister Bowen and we're confident that he'll be equal to the task."
In his new role Bowen would need to inspire confidence in the superannuation system, Gilbert said.
"This is done through good policy and good pronouncements at time when investor confidence is shaken," he said.
"He will also need to instil confidence in the financial system as well, which clearly he has had experience in."
The Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos said cabinet would now have a first hand account of how superannuation is driving nation building and economic development.
"As a priority, ASFA will work with the minister to make sure that superannuation remains the focus of a comprehensive retirement incomes policy as opposed to a mere extension of taxation policy," she said.
"Minister Bowen's appointment as minister for human services also presents us with an important opportunity as we look for increasing integration between the superannuation and social security systems."
The Australian Institute of Superannuation Trustees (AIST) chief executive Fiona Reynolds said AIST hoped Bowen would continue Nick Sherry's reforming agenda to 'renovate the house' and improve structural and operational efficiencies in Australia's superannuation and financial systems.
