Five assistant treasurers in five years
The Federal Opposition has pointed out that the resignation of Assistant Treasurer Senator Mark Arbib means the Government will have had five people filling the portfolio in the past five years.
The Opposition spokesman on Financial Services Senator Mathias Cormann said the four politicians to fill the role under Labor in the past five years had been Chris Bowen, Nick Sherry, Bill Shorten and Mark Arbib.
He said that with Senator Arbib's departure, a fifth person will need to be appointed to the role.
With the Prime Minister Julia Gillard expected to announce a further minor Cabinet reshuffle later this week, the impact on the financial services portfolio is expected to be relatively minor, with the Minister for Employment and Workplace Relations, Financial Services and Superannuation, Bill Shorten, expected to remain in his existing roles.
The most likely successor to Senator Arbib in the Assistant Treasurer role is regarded as being the Parliamentary Secretary to the Treasurer, David Bradbury, who declared himself early as a supporter of the Prime Minister in the recent leadership spill.
AUTHOR
Mike Taylor
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
