The financial services industry will effectively bid farewell to former Shadow Minister, Senator Mathias Cormann, after he was promoted to Cabinet by Prime Minister-elect Tony Abbott.
Senator Cormann, who was a strong advocate for the financial services industry during the Future of Financial Advice (FoFA) and Stronger Super reforms process, will take on the role of Minister for Finance when the new Cabinet is sworn in on Wednesday 18 September.
The appointment means the Financial Services and Superannuation portfolio will fall under Treasurer Joe Hockey, and newly appointed Assistant Treasurer, Senator Arthur Sinodinos. They will be assisted by Parliamentary Secretary to the Treasurer, Steven Ciobo.
The Financial Services Council (FSC) welcomed the new team, acknowledging the experience of the new team members:
“As a former Treasury economist and chief of staff to John Howard, Arthur Sinodinos has unparalleled experienced for the role as Assistant Treasurer,” FSC CEO, John Brogden, said.
“We have worked with Mr Sinodinos over the past few yeas and look forward to continuing this in his role as Assistant Treasurer.
“The new Parliamentary Secretary to the Treasurer, Steven Ciobo, represents the next generation of Australian Coalition MPs. Mr Ciobo has been a strong advocate for less regulation and red tape,” Mr Brogden added.
The Financial Planning Association (FPA) was also quick to announce its support for the Treasury team.
Mark Rantall, FPA CEO, said: “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.
“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.”
