Govt has downgraded financial services – Cormann
The Federal Opposition has accused the Prime Minister, Kevin Rudd, of having downgraded the Financial Services and Superannuation portfolio by defining the relevant minister, David Bradbury, as the "Minister Assisting the Treasurer" rather than having a full grasp on role.
The Shadow Assistant Treasurer, Senator Mathias Cormann, claimed the Rudd Labor Government had "significantly downgraded the importance of financial services and superannuation by eliminating a Minister with dedicated responsibility".
"The Treasurer's responsibilities have always included financial services and superannuation," he said.
"However, in the past a dedicated Minister had specific responsibilities for this important area. Instead, the Government has decided to downgrade financial services and superannuation to a mere ‘Minister Assisting' position."
Cormann claimed this continued the progressive downgrading of financial services and superannuation under the current Labor government, with a part-time Financial Services and Superannuation Minister in Bill Shorten over the past year.
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