Mulino no novice in financial services

Mike Taylor

Managing Editor and Publisher

13 May 2025

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.