Movers & Shakers

New Financial Services Minister announced

Prime Minister Anthony Albanese unveiled the new line-up of his cabinet and outer ministry after a landslide win at the federal election, with Dr Daniel Mulino MP named the new Assistant Treasurer (to Treasurer Jim Chalmers) and Minister for Financial Services.

Mulino’s responsibilities will encompass overseeing the nation’s financial services sector – including broking – navigating the current economic landscape and implementing the government’s financial agenda.

The member for Fraser has had some dealings with the industry before, including in his role as chair of the House standing committee on economics.

He takes over the portfolio from Stephen Jones MP, who announced in January that he would not be seeking re- election.

Addressing the media, Albanese said the new Financial Services Minister was “terrific” and noted his strong track record in the economics team.

“He has a PhD in economics from Yale. That is handy,” he told journalists.

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Liberals elect first female leader

Sussan Ley has become the first female Leader of the Liberal Party of Australia, replacing former party head Peter Dutton.

The recently re-elected member for Farrer beat Angus Taylor, member for Hume, in a two-horse party leadership race.

Ley – who has been acting Liberal Party Leader since Dutton’s unseating – was formerly the deputy leader of the opposition and shadow minister for women, as well as the shadow minister for industry, skills, and training and shadow minister for small and family business.

The Liberal Party also confirmed Ted O’Brien, the member for Fairfax, would serve as Ley’s deputy.

Speaking at a press conference after becoming party leader, Ley said: “My story is a migrant story.

“It’s a small-business story. It’s a rural Australia story. It’s a story about a mum and a family, and it is a modern Australian story.”

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Shift welcomes new head of product

Non-bank lender Shift has appointed Alistair Lamond to the position of head of product.

Lamond – who was most recently the head of product at SME lender Octet – has extensive experience in the SME finance space, having helped build the product suite at Judo Bank between 2019 and 2024 and having co-founded former cash flow management fintech Skippr (later turned into an invoice finance platform and sold to CML Group).

He takes over the position left vacant by Mathew Parsons, who left Shift last year to join Lendi Group as its general manager for products and partnerships.

Speaking about his new role, Lamond said: “I’ve been in and around fast-growing fintechs and banks for over 15 years. I’ve admired Shift’s journey to date and their strong focus on using data and digital solutions to solve problems for small businesses and brokers alike.

“I look forward to working with the Shift team and the broker network to foster growth and prosperity for small business.”

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Westpac announces new head of consumer bank

Westpac has announced a new CEO for its consumer division, with current group executive for customer and corporate services, Carolyn McCann, filling the role in an acting capacity.

McCann replaces outgoing chief Jason Yetton and she will lead the major’s consumer bank while a search is underway for a new candidate.

During this time, her position will be filled by Carolyn Hoy, Westpac’s general manager for property, procurement, and resilience.

McCann has worked at the major for the last 12 years, holding a range of senior group executive roles, including general manager for corporate affairs and sustainability.

Prior to joining Westpac, she spent nearly 12 years at insurance company IAG in a range of corporate affairs and communication positions.

Speaking of the appointment, Westpac CEO Anthony Miller said: “Under Carolyn’s leadership, our broker time to decision has more than halved, scam losses have been reduced by 40 per cent and our customer complaints process has been dramatically simplified.”

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