Yesterday, Mr Abbott announced the new Cabinet, outer ministry and parliamentary secretariat that will form his new government, with a number of policy areas not explicitly mentioned in the press conference, including financial services and superannuation.
Former Coalition financial services and superannuation spokesperson Senator Mathias Cormann – who has been highly vocal on a range of issues of relevance to the financial services industry, from the removal of FOFA’s opt-in requirement to his opposition to a “turf war” between accounting and financial planning industry associations – has been elevated to the Cabinet in the high-profile role of Minister for Finance.
Despite initial rumblings from Coalition sources within Parliament House that Senator Cormann may retain some responsibility for financial services, it has become clear that the portfolio will be overseen by Treasurer Joe Hockey and Assistant Treasurer Arthur Sinodinos, a NSW Senator and former chief of staff to former Prime Minister John Howard.
A spokesperson for Mr Hockey’s office confirmed the area of financial services and superannuation will be overseen by the Treasurer and Assistant Treasurer, telling InvestorDaily that ministerial responsibility for the portfolio will therefore “mirror that of the Labor government”, in which former Treasurer Chris Bowen and Assistant Treasurer David Bradbury shared financial services responsibilities following Kevin Rudd’s August re-shuffle.
Speaking to InvestorDaily, Financial Planning Association (FPA) general manager, policy and conduct, Dante De Gori welcomed the Abbott line-up: “To have someone of Joe Hockey’s seniority in Cabinet overseeing our industry can only be a good thing,” Mr De Gori said.
The FPA also issued a formal statement, which welcomed the newly-appointed ministers responsible for financial services, while also giving a favourable nod to Mr Cormann.
“We support the inclusion of financial services as part of the Treasurer’s portfolio and welcome new Assistant Treasurer, Senator Arthur Sinodinos, and acknowledge the efforts of former shadow minister Matthias Cormann in the financial services portfolio,” said FPA chief executive Mark Rantall.
“The new government, with a fresh mandate and majority numbers in the lower house, has a window to develop innovative policies to support the greater financial wellbeing of Australians and those entrusted to maximise their discretionary and retirement outcomes.
“The FPA has a proud history dealing sensibly with all sides of politics to achieve equitable and pragmatic policy outcomes designed to support more Australians seeking improved financial outcomes.”
It is expected that the Governor-General will swear in the Abbott government today.
