Key sections of the Australian financial services industry have welcomed the fact that both financial services and superannuation have been elevated to the inner Cabinet with the promotion of Bill Shorten in yesterday’s Cabinet reshuffle.
The Prime Minister, Julia Gillard, yesterday announced that Shorten would not only be elevated to Cabinet with his appointment to the Employment and Workplace Relations portfolio, but that he would be retaining responsibility for financial services and superannuation.
Shorten’s retention of the financial services and superannuation roles is unusual because they traditionally sit as junior responsibilities under the Treasury portfolio.
Commenting on yesterday’s development, Association of Financial Advisers chief executive Richard Klipin congratulated Shorten, and pointed out that the minister’s promotion had taken financial services into the inner Cabinet.
"This is appropriate, given how important the issue is to the financial future of all Australians," he said.
Similarly, the Association of Superannuation Funds of Australia chief executive, Pauline Vamos, noted the elevation of superannuation to the inner Cabinet.
As well, she said the announcement provided necessary certainty and continuity for the industry amidst a significant period of reform.
Vamos said it also made an important connection between employment, workplace relations and superannuation.
