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With the Liberal-Nationals coalition having reformed, a new shadow cabinet has been announced, including a new shadow treasurer and financial services minister.
Opposition leader Sussan Ley and Nationals leader David Littleproud have announced the frontbench reshuffle, following the formal renewal of the Coalition agreement on Wednesday (28 May).
Among the changes is a new shadow treasurer, in the form of Ted O’Brien - who is also the deputy leader of the Liberal Party of Australia.
O’Brien, who is the federal member for Fairfax, was previously the shadow minister for climate change and energy and takes over the position of shadow treasurer from Angus Taylor MP (who is now shadow minister for defence).
The new shadow treasurer has worked in a range of businesses, including Accenture, where he was responsible for corporate strategy, mergers and acquisitions and mega deals, based out of Beijing, and was also the managing director of government relations firm – Barton Deakin Qld.
He has an undergraduate degree in Economics and Politics from the University of Queensland, a Masters of International Business from the University of Melbourne and a Masters of Economics from the London School of Economics.
Over his political career, he has held a range of positions including chair of the House of Representatives Select Committee on the Environment and Energy, and has served on the Economics Committee.
He has also served on the Joint Standing Committee on Foreign Affairs, Defence and Trade, as well as the Treaties Sub-Committee.
New shadow finance minister
Meanwhile, Senator James Paterson is now the shadow minister for finance (as well as shadow minister for the public service and shadow minister for government services), taking over from Jane Hume - who has not been given a position in the reshuffle.
He was previously the shadow minister for home affairs, shadow minister for cyber security and shadow cabinet secretary.
Prior to entering the Senate in 2016 (becoming the youngest Liberal senator ever), he was deputy executive director of free market think tank, the Institute of Public Affairs. He previously worked for the Victorian Employers’ Chamber of Commerce and Industry (VECCI), and in the office of Senator the Hon. Mitch Fifield.
Paterson has a Bachelor of Arts and a Bachelor of Commerce from the University of Melbourne.
New shadow assistant treasurer and shadow minister for financial services
The Coalition also revealed a new shadow assistant treasurer and shadow minister for financial services, Pat Conaghan MP.
In the 47th Parliament of Australia, Conghan was the shadow assistant minister for social services, shadow assistant minister for the prevention of family violence.
However, in the 48th Parliament, he will be shadow assistant treasurer and shadow minister for financial services - taking over the position from Luke Howarth MP.
The Nationals MP is the federal member for Cowper and worked as a police officer, police prosecutor and solicitor for almost 30 years.
He was a constable in the Police Force (NSW) from 1990 to 1993 before making detective in the crime squad in 1993, a position he held until 1997.
The new financial services minister then became a police force prosecutor (NSW) in 1997 before changing to become a solicitor in 2001; a position he held for 18 years before going into politics in 2019.
Other appointments include Tim Wilson MP as shadow minister for small business and NSW Senator Andrew Bragg as shadow minister for housing and homelessness, shadow minister for productivity and deregulation.
'New Coalition Shadow Ministry balances experience with new talent': Sussan Ley
Announcing the new shadow ministry and cabinet, Ley commented: "Today we name a new Shadow Ministry that draws on the deep well of the Australian experience. It includes those who have served in uniform and put their lives on the line to keep Australians safe. There are sons and daughters of migrants and descendants of the oldest continuous culture on Earth.
"There are those who have balanced the books of small businesses, and those who have made tough calls in corporate boardrooms. Our team is one of strivers and optimists, of innovators and entrepreneurs, of leaders and listeners. Our team includes voices from the city to the Bush. It includes farmers and public servants. People who went to university and those who got a trade.
"This new Coalition Shadow Ministry balances experience with new talent. It reflects the full range of philosophical traditions, values and perspectives of our joint party room. This is important because both Coalition parties are at our strongest when we harness our full intellectual and philosophical firepower."
Welcoming the appointments, the CEO of the Property Council of Australia, Mike Zorbas, said the new shadow ministry should chart a strong pro-investment agenda, including harnessing overseas investment.“We congratulate Ted O’Brien and James Paterson on their appointments as shadow treasurer and shadow finance minister.
“We look forward to engaging with them on policies to boost investment into the productive property assets our cities need.
Congratulations to Senator Andrew Bragg on his appointments to the productivity, deregulation and housing portfolios, areas in which he is well versed. The property industry is dealing with slow federal environmental approvals, and as a nation we are building half as many homes per hour worked than we did 30 years ago."
Zorbas also welcomed James McGrath as shadow urban infrastructure and cities minister.
"Cities are our key engines of growth and the home of opportunities for most Australians," Zorbas said.
“We would welcome the opposition reflecting on the vital role of foreign and domestic institutional investment to build the homes and city-shaping assets Australia needs while continuing its support for efficiencies in our Foreign Investment Review Board processes, environmental approvals and industrial relations.
“The property sector is the country’s second-largest employer and contributes over 10 per cent of our GDP.
“We look forward to working with shadow ministers on creating a pro-investment policy environment and debate in the new parliament that will boost Australia’s prosperity,” he said.
[Related: Liberals elect first female leader]
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