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.”