Mulino no novice in financial services
The Financial Services industry has a new minister in Victoria’s Daniel Mulino and one who has some solid experience in the portfolio.
Mulino has been appointed as the Assistant Treasurer and Minister for Financial Services replacing the now-retired Stephen Jones and it is not his first rodeo in dealing with the portfolio having previously been an economic adviser to then minister and later Federal Opposition leader, Bill Shorten.
Just as importantly he has been chair of the House of Representatives of Standing Committee on Economics – a role which has given him some solid insight into the operations of the financial services regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
He has a PhD in Economics from Yale University and gained his a Bachelor of Laws from the Australian National University.
Mulino served in the Victorian Parliament between 20134 and 2018 before which he spent time in the Commonwealth Public Service in the Department of Finance and the Attorney-General’s Department.
Mulino’s past experience in the financial servicers portfolio and his time chairing the Economics Committee gives him an up-to-date understanding of the current major issues confronting the Financial Services portfolio and the benefit of existing relationships with the leaders of the key lobby groups.
The pressing issues sitting at the top of his ministerial in-box are the Delivering Better Financial Outcomes (DBFO) second tranche and the current review of the Compensation Scheme of Last Resort (CSLR),
He will also be expected to play a role in the debate and delivery around the $3 million superannuation cap legislation and the associated intention to tax unrealised capital gains, although much of this will be directed out of the office of his boss, the Treasurer, Jim Chalmers.
Financial services executives who have dealt with Mulino over the past six years have welcomed his broad economic expertise and his understanding of the issues which have been impacting financial services.
The major financial services groups including the Financial Services Council (FSC) and the Financial Advice Association of Australia welcomed Mulino’s appointment while stressing the importance of the issues currently on foot.
On paper not too bad. Bill Shorten was far from the worst financial services minister. And experience in the Federal Public Service should mean he is wise to the tactics of Treasury bureaucrats trying to stymie sensible reforms.
If Mulino fails to fix the bad regulation that is hampering provision of professional financial advice to Australian consumers, it will be through bias rather than incompetence.
The father of FoFA “not the worst financial services minister”..hilarious…You mean the Minister that went against 20 plus proposals/ alternatives and adopted 2 from Industry Super and Choice.
Fact #1 – the last Lib gov was an inept inapt atrocity and the current crop blew this election from the start, so chances are they’d be just as bad.
Fact #2 – Labor has million$ of rea$on$ to not support financial planners with aligned interests with union $uper.
Having said that, any planner that didn’t openly warn their clients about the dangers Labor represent to their future well-being is also an incompetent gutless askhole.
Feel free to whinge and complain about my comment and ineffectually argue back that it’s not our place professionally to discuss politics – yeah, right, just like it’s not the place of teachers, uni lecturers and journo’s to be all preaching & indoctrinating the leftie propaganda to the masses either, correct? But they openly do.
And how about AICD’s pathetic brain-rotted form, laying down the law and outright stating in numerous communications to members that if you didn’t personally and also hold multiple staff training events why everyone should be voting ‘Yes’ at our last fiasco of a referendum (you know the one) that you’re not fit to be a director of a business…
Why is it the ‘right’ side of politics has to play by a certain set of rules and watch what we say in case we ‘offend’ someone, and yet the loony lefties get the sole right to freedom of speech, even when it is irrevocably wrong, factually incorrect, biased, corrupt and outright harmful?
But you hold your tongue and be a ‘good professional person’, there’s a good little conforming beige non-descript future worm-fodder.
Onya mate.