Is Mulino ALP’s next Financial Services pick?

With the Assistant Treasurer and Minister for Financial Services, Stephen Jones not returning to the Parliament after the upcoming Federal Election, a front-runner to succeed him the portfolio is ACT Labor backbencher, Daniel Mulino.

Mulino, who was a Labor member in the Victorian Legislative Council between 2014 and 2018 and who won the Canberra seat of Fraser at the 2019 Federal Election would come to the financial services portfolio with exceptionally strong credentials.

Mulino holds a PhD in economics and was economic adviser to Bill Shorten when he held the financial services portfolio in the former Gillard Labor Government.

Just as importantly, he has been chairman of the House of Representatives Standing Committee on Economics which has overseen the activities of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

Given his strong background in economics and experience working with Shorten, some were surprised that Mulino was not appointed to the financial services portfolio ahead of Jones in 2022.

He is relatively well known to the financial services sector, having delivered keynotes at a number of conferences including the Stockbrokers and Investment Advisers Association (SIAA).

The shadow minister for Financial Services, Luke Howarth is better known to the financial services sector and has earned praise from the financial advice sector for his preparedness to follow through on pursuing changes to the funding of the Compensation Scheme of Last Resort (CSLR) and other issues.