Prime Minister Anthony Albanese has confirmed that Dr Daniel Mulino will serve as the Assistant Treasurer and Financial Services minister during an announcement in Canberra outlining the reshuffle of the broader ministry.
Albanese said the ministers will be sworn in during a ceremony at 9am on Tuesday morning.
Mulino had been widely tipped as a strong contender for the portfolio, given he has been a member of the House of Representatives standing committee on economics since 2019 and serving as the chair since August 2022.
Speaking on the appointment, the Prime Minister said he got the portfolio “because he’s terrific and he’ll do a terrific job”, adding that he was “very pleased to get the job”.
“He’s played a role in the Parliament here in economics, I believe the economics team remains strong, led of course by [Treasurer Jim Chalmers] and [Finance Minister Katy Gallagher],” Albanese said.
He also noted Mulino’s PhD from Yale as strong evidence of his suitability for the position.
The newly minted minister completed his doctorate at the US university in 2005, delivering his thesis: The Macroeconomics of Aging: The impact of an aging society on capital deepening and international factor flows.
In 2022, he published Safety net: the future of welfare in Australia, a book that “explains how the Australian welfare state was created – and what we need to do to protect and extend it”.
Prior to entering Parliament, first in Victoria in 2014 before transitioning to the federal level in 2019, Mulino worked as a lawyer at the Attorney-General's Department from 1995 to 1996, a policy adviser at the Department of Finance from 1997 to 1998, and an economist at the Independent Pricing and Regulatory Tribunal from 1998 to 1999.
Mulino replaces former minister Stephen Jones, who announced his retirement from politics in January and did not contest the election.
“I want to express my immense gratitude to my community for the faith and trust they have placed in me to be their representative since 2010,” Jones said at the time.
The full cabinet comprises:
Mark Butler serves as Minister for Health and Ageing, Disability and the NDIS.
Chris Bowen is the Minister for Climate Change and Energy.
Catherine King holds the role of Minister for Infrastructure, Transport, Regional Development and Local Government.
Amanda Rishworth is the Minister for Employment and Workplace Relations.
Jason Clare is the Minister for Education.
Michelle Rowland has been appointed the new Attorney-General.
Tanya Plibersek serves as Minister for Social Services.
Julie Collins is the Minister for Agriculture, Fisheries and Forestry.
Clare O’Neill is Minister for Housing and Homelessness, as well as Minister for Cities.
Madeleine King is the Minister for Resources and Northern Australia.
Murray Watt takes on the role of Minister for the Environment and Water.
Malarndirri McCarthy has been appointed Minister for Indigenous Australians.
Annika Wells serves as Minister for Communications and Minister for Sport.
Pat Conroy is the Minister for Defence Industry and Minister for Pacific Island Affairs.
Anne Aly is Minister for Small Business and Minister for International Development and Multicultural Affairs.
Tim Ayres is the Minister for Industry and Innovation and Minister for Science.
Kristy McBain is the Minister for Regional Development, Local Government and Territories, as well as the Minister for Emergency Management and the NDIS.
Andrew Giles serves as the Minister for Skills and Training.
Jenny McAllister is the Minister for the National Disability Insurance Scheme.
Jess Walsh is the Minister for Early Childhood Education and Youth.
Sam Rae is the Minister for Aged Care and Seniors.
Industry reacts
In a statement on Monday afternoon, the Super Members Council expressed strong support for the appointment of Dr Mulino, emphasising the opportunity to strengthen the superannuation system and drive forward key reforms to improve financial security for millions of Australians.
“We congratulate Daniel Mulino on his appointment as Assistant Treasurer and Minister for Financial Services and look forward to working together to further strengthen Australia’s super system," said CEO Misha Schubert.
“A clear message from the recent election is that Australia must always strengthen and not weaken our world class super system – it is a key source of financial security for all Australians.”
Among the SMC's priorities for the new minister are the passage of payday super legislation and the swift finalisation of reforms to improve access to financial advice for millions of Australians.
The FSC also praised Mulino's appointment, with CEO Blake Briggs noting that the newly appointed minister is recognised as a "thoughtful and consultative member of parliament", a quality he has consistently applied to his policy development since being elected in 2019.
“As chair of the House Standing Committee on Economics and a member of the Parliamentary Joint Committee on Corporations and Financial Services, Dr Mulino comes into the role with a good understanding of the significant economic contribution financial services industry makes to the Australian economy, as well as a balanced view on the opportunities and challenges the sector faces," Briggs said.
“The FSC looks forward to working with the Treasurer and new Assistant Treasurer to explore ways to lift the role of the financial services sector in contributing to greater productivity and growth.”
Like the SMC, the FSC highlighted key areas needing attention, including financial advice reforms.
