Treasurer Josh Frydenberg has announced that responsibility for the financial services portfolio will be shared between himself, the Assistant Treasurer, and the Assistant to the Minister for Treasury and Finance.
After emerging as the new leader of the Liberal Party after the leadership spill, new Prime Minister – and former Treasurer – Scott Morrison reshuffled the cabinet which saw Kelly O’Dwyer lose the financial services portfolio.
For a week, it was unclear who would have responsibility for the financial services portfolio.
In a statement on Monday, new Treasurer Josh Frydenberg said that he, Stuart Robert and Zed Seselja would all oversee various aspects of the financial services portfolio.
As Treasurer, Mr Frydenberg will assume responsibility for developing the budget, superannuation policy, and responding to the banking royal commission.
He will also be responsible for economic and fiscal policy, taxation, “major foreign investment decisions” as well as international and diplomatic responsibilities such as attending G20 and APEC meetings of Finance Ministers, the IMF and the World Bank.
Mr Frydenberg will also shoulder “primary oversight” for the prudential, corporate and competition regulators APRA, ASIC and the ACCC respectively.
Meanwhile, Assistant Treasurer Stuart Robert “will have responsibility for financial services and the day-to-day management” of many aspects of the portfolio.
This includes “superannuation, competition and consumer policy, the Australian Bureau of Statistics, fintech, crowd source equity funding, and assisting across the portfolio on matters including taxation legislation and administration,” Mr Frydenberg said in the statement.
He also said that Assistant Minister to the Treasurer and Finance Zed Seselja would have responsibility for the not-for-profit and mutuals sector, which includes the Australian Charities and Not-for-profits Commission (ACNC) and the Royal Australian Mint.
Mr Seselja will also assist the Treasurer with housing policy and other “matters across the portfolio” as well as “some aspects of foreign investment,” Mr Frydenberg said.
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