New Financial Services Minister Welcomed

The financial services industry appears to have responded positively to the appointment of Senator Jane Hume as the new Minister responsible for the financial services and superannuation sectors.

Senator Hume’s elevation was included in the line-up of new ministerial appointments announced on the weekend by the Prime Minister, in which Treasurer and Deputy Liberal Party Leader, Josh Frydenberg, will retain his Treasury portfolio.

Senator Hume’s title is Assistant Minister for Superannuation, Financial Services and Financial Technology. She will report to the new Assistant Treasurer and Minister for Housing, Michael Sukkar, who in turn replaces former Assistant Treasurer and Financial Services Minister, Stuart Robert, who has been appointed as Minister for the National Disability Insurance Scheme and Minister for Government Services.

It is understood Senator Hume’s appointment recognised her private sector background within the financial services industry as well as the quality of the contributions she has made to various Senate and Joint Committees since she was first elected as a Victorian Senator in 2016.

Among other qualifications, Senator Hume holds a Bachelor of Commerce and a Graduate Diploma in Finance and Investment. Prior to entering Parliament, her private sector and other roles have included:

• Investment Research Manager, NAFM/ NAB, 1995-98
• Private Banker, NAB, 1998-99
• Senior Manager, Rothschild Australia, 1999-2003
• Committee of Management, PANDA (Perinatal Anxiety and Depression), 2005-06
• Vice President, Deutsche Bank, 2008-09

In 2015/16, Senator Hume worked as a Senior Strategic Policy Adviser with public sector superannuation fund, Australian Super.

Congratulatory statements have been issued by a number of industry stakeholders to both Senator Hume and the returned Coalition Government, in which the AFA, FPA and Financial Services Council variously look forward to constructive consultation with the new Financial Services Minister and the Morrison Government.

Each membership body has indicated it will be seeking to advance its key priorities and agendas with Senator Hume over the next three years on behalf of their constituency of advisers, advice businesses and organisations.