Industry bodies will work with Prime Minister Kevin Rudd's ministry in the areas of superannuation adequacy and regulatory efficiency.
Rudd's cabinet will include Treasurer Wayne Swan and Minister for Finance and Deregulation Lindsay Tanner.
Nick Sherry will become Minister for Superannuation and Corporate Governance. Chris Bowen will remain as Assistant Treasurer taking on the additional responsibility of Minister for Competition and Policy and Consumer Affairs.
"It is a well balanced and experienced team. We have been working with Swan, Sherry and Bowen for at least a year. It will be business as usual except that they are now in government," Investment and Financial Services Association (IFSA) chief executive Richard Gilbert said.
Gilbert called for greater focus on regulatory efficiency.
He said that the export of financial services and cross border trade were also key issues that IFSA would like to progress.
Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos said she was looking forward to working with the new team.
She called for the government to focus on issues of adequacy, market efficiency and regulation and advocated greater clarity around single issue advice and clearer advice documents.
