New Assistant Treasurer steady on policy focus
The parties enmeshed in the continuing negotiations around the Life Insurance Framework (LIF) will find themselves dealing with a new minister but many of the key advisers will remain the same.
With the Josh Frydenberg having been promoted out of the Assistant Treasurer role to be replaced by Kelly O'Dwyer groups such as the Association of Financial Advisers (AFA), the Financial Planning Association (FPA) and the Financial Services Council (FSC) will find themselves dealing with a new minister.
However Money Management understands that under the transitionary arrangements flowing from the ministerial reshuffle announced by the Prime Minister, Malcolm Turnbull, on Sunday most of the advisory staff who assisted Frydenberg will remain focused on their on-going policy tasks.
Indeed, the nature of the portfolio changes with Frydenberg becoming the Minister for Resources, Energy and Northern Australia, means there is little scope for him to take his financial services specialist advisers with him to his new portfolio.
As a former Parliamentary Secretary within the Treasury portfolio, O'Dwyer brings a solid understanding of the issues to her new role.
Importantly, and despite having been a highly visible supporter of the former Prime Minister, Tony Abbott, the Minister for Finance, Senator Mathias Cormann, has retained his portfolio.
The parties to the LIF are expected to meet with the new Assistant Treasurer over the next few weeks.
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