Former ACT chief minister gets Financial Services portfolio



Former Australian Capital Territory chief minister and public sector union official, Senator Katy Gallagher, has been named as the new Shadow Minister for Financial Services and Small Business.
Gallagher is a former Canberra social worker and official of the Community and Public Sector Union and was Chief Minister of the ACT Labor Government for three years between 2011 and 2014 prior to which she was also ACT Treasurer as well as holding a number of other portfolios in the small territory Government.
Gallagher is regarded as being a beneficiary of the rise and rise of the former Opposition spokesman on Financial Services, Dr Chalmers, who has been elevated to the position of Shadow Finance Minister, directly opposite the Minister for Finance, Senator Mathias Cormann.
Chalmers is regarded as a substantial author of the ALP's financial services policy and was a chief of staff to former Labor Treasurer, Wayne Swan.
Gallagher holds a Bachelor of Arts in Political Science and Sociology from the Australian National University.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.