The AFA has welcomed the appointment of Bill Shorten as Australia’s new Minister for Financial Services and Superannuation.
AFA National President, Dr Jim Taggart, OAM said Mr Shorten’s experience during the Beaconsfield mine disaster in 2006 means he is likely to have exceptional insight into life’s uncertainties.
“Mr Shorten knows, perhaps better than most of us, that life is uncertain,” Dr Taggart said.
“What Australians really need, and what they really value, according to our Back to Basics consumer research, is good financial advice,” Dr Taggart said, “advice which helps them to appropriately manage life’s uncertainties so that the financial impact of death and disaster is not devastating.”
“Financial services and superannuation are key policy areas. There is still much work to be done in relation to the FOFA reforms and we are keen to focus our energies in that direction,” said Dr Taggart.
In a statement issued on his website, Mr Shorten said his appointment was “both a great honour and a position of great responsibility.”
“These portfolios affect millions of Australians, and represent a great opportunity to deliver further improvements that will increase the quality of life of all Australians and deliver us a sustainable future,” Mr Shorten said.
Mr Shorten congratulated his predecessors, Chris Bowen and Nick Sherry, for the work they had done on improving Australia’s superannuation system.
“We have also developed strong and far-sighted policies on superannuation to simplify the system for working Australians and provide to give them a secure retirement income. I will work to continue Labor’s strong record in developing a superannuation system that will improve the nation’s prosperity and financial sustainability.”
Mr Shorten was previously the Parliamentary Secretary for Disabilities and Children’s Service and Parliamentary Secretary for Victorian Bushfire Reconstruction.
