September 4, 2018
The Federal Treasurer, Josh Frydenberg, has confirmed there will not be a designated minister to oversee the financial services sector but that Assistant Treasurer, Stuart Robert, would oversee the area as part of his duties.
In a statement released via the Treasury website, Frydenberg stated he would take on responsibility for superannuation policy, and responding to the Banking Royal Commission, as well as having primary oversight of ASIC, APRA and ACCC.
Frydenberg added that Robert “…will have responsibility for financial services and the day to day management of superannuation, competition and consumer policy, the Australian Bureau of Statistics, FinTech, crowd source equity funding and assisting across the portfolio on matters including taxation legislation and administration”.
The Assistant to the Minister for Treasury and Finance, Zed Seselja would have oversight for the not-for-profit and mutuals sector, the Royal Australian Mint and assisting the Treasurer in the area of foreign investment and housing policy.
The portfolio of financial services was previously held by Kelly O’Dwyer who has since become the Minister for Jobs, Industrial Relations and Women (see: O’Dwyer Moves Out of Financial Services Portfolio).