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Treasurer reveals who will take over financial services portfolio

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Reporter 4 minute read

Australia’s new federal Treasurer has revealed who will be responsible for legislation pertaining to financial services, superannuation and tax.

Treasurer Josh Frydenberg announced on Monday (3 September) that he will be responsible for economic and fiscal policy as well as superannuation and taxation policy.

He implied that he will continue the work of previous Treasurer turned Prime Minister Scott Morrison in terms of “delivering important tax relief for individuals and small and medium-sized business”.

He will also have primary oversight of the Australian Securities and Investment Commission, the Australian Prudential Regulation Authority, and the Australian Competition and Consumer Commission.

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As Treasurer, Mr Frydenberg will also be responsible for responding to the financial services royal commission, major foreign investment decisions, and international engagement through the G20 and APEC meetings of finance ministers, International Monetary Fund and the World Bank.

While it was unclear last week who would have oversight on the broking industry in the absence of a Minister for Revenue and Financial Services — a position that was previously held by Kelly O’Dwyer, who has since been sworn in as Minister for Job, Industrial Relations and Women — Mr Frydenberg has confirmed that Assistant Treasurer Stuart Robert will be looking after the financial services portfolio.

As part of his role, Mr Robert will be responsible for daily management of superannuation, competition and consumer policy, the Australian Bureau of Statistics, fintech and crowdsourced equity funding, while also assisting with tax legislation and administration.

Meanwhile, the Treasurer announced that Assistant to the Minister for Treasury and Finance Zed Seselja will be looking after the not-for-profit and mutuals portfolio while assisting the Treasurer with aspects of foreign investment and housing policy.

As uncertainty hovers over some aspects of the broking industry, the executive director of the Finance Brokers Association of Australia, Peter White, remains optimistic, last week telling The Adviser that recent discussions with the nation’s 30th Prime Minister suggests Mr Morrison is in support of the broking industry, including how brokers are currently remunerated, and wants to avoid “unnecessarily increasing regulation”.

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[Related: New Small Business Minister outlines policy agenda]

Treasurer reveals who will take over financial services portfolio
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