The ALP’s new leader, Anthony Albanese, has announced his new shadow ministry, including the line-up of the key shadow Treasury ministers who will drive the Opposition’s financial services policy agendas.
Heading Labor’s Treasury team in Opposition will be its new Shadow Treasurer, Dr Jim Chalmers MP.
Dr Chalmers held the Shadow Finance Ministry portfolio prior to last month’s election, but has now taken the reins from former Shadow Treasurer, Chris Bowen MP, who has moved to the Shadow Health ministry.
Reporting to the Shadow Treasurer from the outer shadow ministry will be Stephen Jones MP, who has been appointed Shadow Assistant Treasurer and Shadow Minister for Financial Services.
Two additional assistant shadow ministers have also been appointed who will hold financial services portfolio responsibilities:
- Dr Andrew Leigh MP: Shadow Assistant Minister for Treasury
- Matt Thistlethwaite MP: Shadow Assistant Minister for Financial Services
It is unclear at present as to how the policy responsibilities will be divided between the Shadow Treasury portfolios, particularly in relation to the briefs that will be undertaken between Shadow Minister for Financial Services Jones and Shadow Assistant Minister for Financial Services Thistlethwaite.
Meanwhile, former Opposition Leader, Bill Shorten, has been appointed to a related portfolio, namely as Shadow Minister for the National Disability Insurance Scheme.
Just another excess political ‘profit’ Thistleing in the wind! Waite, was that rude of me?
They won’t be round in 3 years time, anyway – or at least in the same portfolio/roles. So who really cares?
Mortgage Brokers were successful in getting the government AND opposition to disregard the Royal Commission’s recommendation to ban upfront and trail commissions because the public would have been worse off and winners would have been the big banks.
Mortgage Brokers succeeded because their two main associations worked TOGETHER and got the support of small banks and non-bank lenders both in terms of funding and resources.
Can the AFA and FPA PLEASE work together with the insurers to meet with the Treasurer Josh Frydenberg and the Financial services ministerial teams for both the government AND opposition to help them, nay get them to understand that the logic is identical when it comes to the Royal Commission’s recommendation to ban Personal Insurances commissions because in this instance the big winners will be the superannuation funds whose insurance cover is typically more expensive and provides less cover and the losers will be the consumer who is not willing or unable to pay a fee for service for good financial and risk advice.
Various insurers individually putting up with whitepapers to state why banning commissions is bad for the public, has limited effectiveness.
The FPA rolling over and saying “we support the Royal Commission’s recommendations” is counterproductive to the cause.
What is needed is a united effort led by the two main associations with the financial and resource support of insurers, to help the government understand the harm that banning insurance commissions will cause and why the Royal Commission’s recommendation recommendation to ban upfront and trail commissions is NOT in the public’s best interest!
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