Sinodinos stands down from front bench
Senator Arthur Sinodinos has stepped down from the front bench and his role as Assistant Treasurer in the wake of recent revelations of his involvement in Australian Water Holdings, first raised at the Independent Commission Against Corruption in NSW.
Sinodinos made the announcement on the floor of the Senate earlier today, with his role of Assistant Treasurer to be filled by the Minister for Finance Mathias Cormann, who was the Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation prior to the last Federal election.
Sinodinos will remain in Parliament while the ICAC proceedings continue and continue in his role as senator for NSW, a position he took on in October 2011 after the resignation of a Senator Helen Coonan, who held the role of Assistant Treasurer from 2001-2004.
AUTHOR
Jason Spits
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
