The political climate will get tougher for financial services as the economy weakens, but the industry can benefit by remaining engaged with Canberra, according to Alastair Kinloch, director of government affairs at AMP.
Speaking at AMP’s ‘Realise the Possibilities’ workshop, Kinloch said the industry had to be involved early in the process to guide change.
“From a financial services perspective we have a good of a team both in government and opposition as we’ve ever had,” Kinloch said.
“But to change the government’s mind when it gets towards the parliamentary process is harder, it means you have to influence early in policy process,” Kinloch said.
He was positive about Superannuation, Financial Services and Financial Technology Minister, Senator Jane Hume’s background and capabilities to help the industry, as well the capabilities of the opposition.
“We know them well, that doesn’t mean all the outcomes are going to be good and positive, but at least we have a good working relationship with these people,” Kinloch said.
“I think there’s going to be challenges ahead for the coalition, as the economy softens it’s going to be harder, but they’re well placed for the moment.”