Industry bodies have applauded the Government’s appointments to the Treasury, stating it is a ‘clear indication’ of the strategic focus being placed on financial services.
Yesterday, it was announced Josh Frydenberg would retain his position as treasurer while Michael Sukkar was appointed as assistant treasurer, Jane Hume as assistant minister for superannuation, financial services and financial technology and Mathias Corman as minister for finance.
SMSF Association chief executive John Maroney said the appointments recognised the Government’s understanding of the importance of the financial services sector.
“Appointing a minister with direct responsibility for superannuation and financial services with the broad policy agenda of implementing recommendations from the Financial Services Royal Commission and considering recommendations made by the Productivity Commission on superannuation earlier this year is recognition of the importance the Government is assigning to this policy area.
“It’s also important in light of the Treasurer’s stated intention to undertake a review of the retirement income system that will be crucial for policy affecting SMSFs and superannuation more widely in the future.”
This was echoed by the Financial Planning Association who said it was a “clear indication of a strategic focus” on financial services.
“The new Treasury team brings enormous financial policy experience to the Parliament, which will provide Australia with much needed reform capability and sector stability,” said Financial Services Council chief executive, Sally Loane.
“The FSC will urge the new team to deliver a comprehensive product rationalisation strategy to reduce inefficiency and costs from legacy products; to form one regulatory regime for financial advisers and streamlining the tax (financial) adviser requirement into the FASEA framework.”
The Association of Superannuation Funds said: “The team is well-versed and in a strong position to deliver effective policy with robust economic outcomes for superannuation and financial services.
“This is especially important at a time when the Government is moving to implement significant reform to superannuation including: the bi-partisan commitment to increase superannuation to 12%; the Protecting Your Super package; the recommendations of the Royal Commission and other pre-election commitments.”