On Thursday morning, the Assistant Treasurer confirmed he would step down from the portfolio and not seek re-election in his seat of Whitlam at the upcoming federal election.
Speaking with the media later on Thursday, Jones said he would continue in his role as Financial Services Minister until the election, vowing to “continue to fight for something I started as a scruffy union official in the mid-’80s”.
“To fight for superannuation. I feel passionate about that,” he said.
“I want to ensure that this great national institution that started from zero is now the fourth largest pool of private savings anywhere in the world. Tenth largest economy, fourth largest pool of superannuation savings. That’s an amazing achievement.”
Jones has, on several occasions, found himself at the centre of allegations levelled against his perceivably tight relationship with superannuation funds, with financial advisers often doubting his allegiance.
And the funds did appreciate his tenure, with the Association of Superannuation Funds of Australia (ASFA) expressing its gratitude to the minister upon his resignation, citing his “significant contributions” to the sector.
In a statement issued on Thursday, chief executive Mary Delahunty said the super sector has regarded the last three years as a “transformative period of reform”.
“Minister Jones has been a true partner to the superannuation community, always willing to roll up his sleeves and engage with the complexities of the system,” Delahunty said.
“On a personal note, I have always found that not only has Minister Jones always had an open door for sector representatives – he has basically taken the door off its hinges,” she said, adding that Jones’ “legacy will endure”.
“We wish him all the very best in his next chapter.”
Similarly, the Super Members Council (SMC) said that during his tenure as both minister and shadow minister, Jones has “shaped the superannuation and financial services portfolio in a pivotal era”.
“Minister Jones has pursued major super policy reforms that advance the interests of millions of everyday Australians,” SMC CEO Misha Schubert said.
“Millions of Australians will have stronger retirements – and more money to live on – because of payday super reforms and the push to make quality financial advice more affordable and accessible.
“SMC thanks the Assistant Treasurer for his service to the Parliament over a 15-year career and his accomplishments as a minister. We wish him well for the future.”
Among the achievements both ASFA and SMC highlighted were progress towards payday super, super for paid parental leave, enshrining the objective of super in legislation, and financial advice reform.
“These financial advice reforms will help 2.5 million Australians on the runway to retirement get the quality, affordable information they need to plan wisely and well for their retirement,” the SMC said.
Financial Services Council CEO Blake Briggs also highlighted Jones’ dedication to financial services and a “number of successes in his portfolio”.
“The industry lauds his efforts in ensuring financial advice reform remained on the government’s agenda, legislating the first tranche of its response to the Levy review,” Briggs said.
“We wish him the best of luck in his future endeavours.”
However, Minister Jones himself only briefly addressed financial advice on Thursday, saying that “we’re building financial advice so that people who retire and have access to the information and advice that they need”.
Association of Independently Owned Financial Professionals executive director Peter Johnston was less forthcoming with praise.
“Firstly, we like Stephen as a person, but he made two fundamental mistakes from the outset as minister,” Johnston told ifa.
“He employed staff directly from the Department of Treasury and therefore was captured by the bureaucrats from day one with their agenda. Secondly, he paid too much respect to the Quality of Advice Review and wasted the first 12 months of his term pontificating. We all knew what had to be done and did not need a superannuation lawyer directing us.
“Unfortunately for the minister, the advice community and consumers, little has been done whilst the demand for advice exponentially increases.”
The Financial Advice Association Australia (FAAA) was less combative in its response, with CEO Sarah Abood thanking the minister for his “consistent commitment to solving the extremely important challenge of getting more high-quality financial advice to more Australians”.
“Of course we have not always agreed, but the minister has genuinely understood the value of professional financial advice and its importance to the economy and the country more broadly,” Abood said.
“I would also like to thank Minister Jones for the many FAAA events he has spoken at, and his willingness to engage with our members and discuss openly the many difficult issues that are part of this very challenging portfolio.
“We wish Minister Jones all the best for the future.”
