The financial services industry will get no fewer than three Labor shadow ministers and assistant ministers dealing with it over the next term of Parliament, with the Federal Opposition leader spreading the portfolio across three individuals.
While the Shadow Treasurer, Jim Chalmers will have primary responsibility, so too will former union lawyer, Stephen Jones as Shadow Assistant Treasurer and Shadow Minister for Financial Services, and former union secretary and lawyer, Matt Thistlethwaite, who was already the shadow assistant minster for Treasury.
Equally importantly, another former shadow minister for Financial Services, ACT Senator, Katy Gallagher has been promoted to the position of Shadow Minister for Finance.
The former Shadow Treasurer, Chris Bowen who was regarded as the substantial author of the Federal Opposition’s approach to the removal of refundable franking credits has become the Shadow Minister for Health.
The make-up of the shadow cabinet has been welcomed by the Financial Services Council (FSC) with its chief executive, Sally Loane, saying her organisation looked forward to working with the shadow treasury team, particularly Jones in his new role as the Assistant Shadow Treasurer and Shadow Minister for Financial Services.
"We encourage the shadow ministry to broadly consult with industry and focus on policies which ensure better consumer outcomes and also grow the economy and jobs,” she said. “We sincerely thank outgoing Shadow Treasurer Chris Bowen for his significant contribution to financial services and economic policy over many years.”
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Every single one of them is conflicted. They are puppets of the Industry Super Funds and the Trade Unions.
They will always argue against anything that may be fair and equitable to financial advisers and argue for anything that hands more control, power and influence to Industry Super.
You cannot break the ideological base of the Labor Party....solidarity forever.....despite what may be best for the country...........Party first...country second.
How did that go for you Bill ?
And Messrs Wilson were not conflicted?
And the Liberal Party was not conflicted by the banks, insurance companies and financial firms? Recall the number of times the Liberal Party refused to hold a Royal Commission into the banking and financial sector. 26 times to save your memory. The Liberal Party only agreed after two stalwart National Senators threatened to cross the floor. The banks were winning up until then.
Then the Liberals have Mr Roberts who seems to be conflicted in anything honest or honourable with the government purse.
The ALP is conflicted and afflicted by the mates of the CMFEU.
Hopefully with the snide and arrogant Bowen moved along the Labor party can work together with all facets of the industry and also appreciate the power that the retiree voter base has. I feel that they may have underestimated the input that 200,000 registered tax advisers and 25,000 registered financial advisers can have into public debate as well.
Finally Labor's targeting of the 'big end of town' for using family trusts, failed to appreciate that just about every single sole trading tradie runs their business through a trust to protect the family if they get an insurance case against them. $80k a year gross revenue for a chippie is hardly the big end of town, gents. Any wonder union participation is at 10% and shrinking, the working class has moved on from class warfare and just want to earn a fair wage for their family.
Well said Felix.
Just about every time Labor gets into power, they spend like a drunken sailor, don't know how to replace it and then the Liberal Party has to fix up the mess.
When Bill Shorten responds to a cost question with a response that states there is a cost to not doing something, he may well be right of course, but how much has to be spent first Bill to avoid the impact cost of not spending it ?
The Labor Party are full of pretenders who appear to represent their constituency and attack the so called " big end of town ".
Look at Bob Hawke's harbour side mansion, Paul Keating's spending on high priced collectible antiques and the diabolical narcissist Kevin Rudd living in a $50 Mill Manhatten apartment and getting $200,000 p.a as the ex Prime Minister and a massive expense allowance plus airflights.
Rudd looks like The Milky Bar Kid gone bad and represents nothing of the traditional supporter base of the ALP.
Criticising people who have made money through hard work in order to dumb it down to a socialist ideology is becoming boring to their own supporter base who well understand that when you spend beyond your means the wheels fall off.
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