The announcement that the Minister for Finance, Senator Mathias Cormann will be exiting politics before the end of the year means the Government will be losing the services of a minister with a deep knowledge of the financial services industry.
Cormann covered the financial services portfolio in opposition and again in Government during the Prime Ministership of Tony Abbott when he carried the job alongside his finance portfolio responsibilities during the illness of Senator Arthur Sinodinos.
What is more Cormann was one of leading voices in seeking key amendments to the Labor Government’s Future of Financial Advice (FoFA) changes during the Abbott Government albeit that, ultimately, the Government could not muster the numbers to sustain regulatory and other changes in the Senate.
Cormann is scheduled to exit the Senate in around October.
