The financial services industry is now waiting to find out who will be its portfolio minister in the next Labor Cabinet to be announced by newly-reinstalled Prime Minister, Kevin Rudd.
Rudd is expected to receive his commission from the Governor General, Quentin Bryce, this morning but may not announce his full Cabinet until early next week.
At the same time, a number of pieces of financial services legislation remain to be passed by the Parliament, including that providing for the enshrinement of the term ‘financial planner/adviser'.
While the former Minister for Financial Services, Chris Bowen, is being widely touted as a potential Treasurer, there appears to be less certainty about the immediate future of the current Minister for Financial Services, Bill Shorten, who last night switched his support from Julia Gillard to Rudd. In doing so, Shorten issued a media statement under his portfolio title explaining his reasons for moving his support.
Shorten seemed more certain of retaining his Workplace Relations portfolio than necessarily continuing with respect to financial services, with Bowen as Treasurer.
There were some suggestions that Shorten might be elevated to the Treasury as a reward for having shifted his support, but Bowen was seen as the more compelling candidate.
Given the number of resignations by Cabinet ministers which followed Rudd's victory in the caucus ballot including that of Treasurer, Wayne Swan, Minister for Trade, Craig Emmerson, Minister for Education, Peter Garrett and Minister for Communications, Senator Stephen Conroy, the new Prime Minister has a long list of vacancies to fill.
How much interaction the financial services industry will have with any new minister will depend on the timing of the Federal Election, with the 14 September date nominated by former Prime Minister, Julia Gillard, no longer seen as set in stone.
