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There is some continuity in positions as well as some key changes to the Albanese government’s cabinet.
The most relevant appointments to the broking industry include:
- Richard Marles: Deputy Prime Minister and Minister for Defence
- Jim Chalmers: Treasurer
- Katy Gallagher: Minister for Finance, Public Service, Women, and Government Services
- Tony Burke: Minister for Home Affairs, Immigration and Citizenship, Cyber Security, and Arts
- Chris Bowen: Minister for Climate Change and Energy
- Catherine King: Minister for Infrastructure, Transport, Regional Development, and Local Government
- Amanda Rishworth: Minister for Employment and Workplace Relations
- Michelle Rowland: Attorney-General
- Julie Collins: Minister for Agriculture, Fisheries, and Forestry
- Clare O’Neil: Minister for Housing, Homelessness, and Cities
- Anne Aly: Minister for Small Business, International Development, and Multicultural Affairs
- Tim Ayres: Minister for Industry and Innovation and Science
Commenting on his continued position as Treasurer, Chalmers said he is “grateful” for the “opportunity to continue to serve as Australia’s Treasurer.”
“I’m especially pleased to lead a really high‑calibre economic team alongside the re‑appointed finance minister Katy Gallagher,” Chalmers said.
“We’ve made welcome progress on the economy in our first term but there’s more work to do because people are under pressure and the global environment is uncertain.”
Industry reacts
Following the Albanese government’s appointments, those in and around the industry have come forward and voiced opinion.
The new Minister for Financial Services Daniel Mulino received praise from MFAA CEO Anja Pannek who worked alongside him when he led the Inquiry into Promoting Economic Dynamism, Competition, and Business Formation.
“We look forward to continuing to engage with Dr Mulino in his capacity as the new Assistant Treasurer and Minister for Financial Services,” Pannek said.
“This includes highlighting the critical role of mortgage and finance brokers in providing choice and competition for both home loan borrowers and business owners. We also want to ensure that the regulatory environment, including the broker Best Interests Duty, is fit for purpose and producing good consumer outcomes."
Pannek said that going forward, the MFAA would like to see the government focus on:
- The Consumer Data Right remaining a core policy priority.
- A commitment to ensuring industry funding for the Compensation Scheme of Last Resort is fair and proportionate.
- Competition in the home loan sector continues, including prioritising a better and more efficient home loan discharge process.
- The implementation of election commitments in relation to housing including the expansion of the Home Guarantee Scheme and Help to Buy scheme.
- Prioritising policies that continue to support and enhance access to credit for small businesses.
Further, AMP’s CEO Alexis George said she is eager to work with Mulino to deliver meaningful reform.
“Over the next decade, more than 2.5 million Australians are expected to transition into retirement. That number is set to rise to nearly one in four Australians in less than 40 years. While superannuation balances and household wealth have grown, too many Australians still struggle to navigate an overly complex retirement system,” she said.
“We look forward to working with the new Minister to continue to implement targeted and well-considered reform – particularly by improving financial literacy and access to advice, simplifying the retirement system, and encouraging innovation in retirement products and services.”
Reforms were also on the mind of the Customer-Owned Banking Association. CEO Michael Lawrence said he is also looking forward to working with Mulino to deliver better outcomes for consumers.
COBA proposed four key policy considerations for the continuing government:
- Tiered regulatory approach: Implement risk-proportional regulations to ease undue burdens on customer-owned banks while maintaining stability and competition.
- Reform capital requirements: Address the rule that forces customer-owned banks to hold more capital for similar loans compared to major banks, hindering growth.
- Government balance sheet support: Leverage government backing to reduce the funding disadvantage customer-owned banks face due to their lack of “too big to fail” status.
- Streamlined merger processes: Simplify merger regulations to reduce resource strain on smaller banks and improve operational efficiency.
“We need a diverse banking landscape where both investor-owned institutions and customer-owned banks can thrive, so Australians have genuine choice when it comes to their finances. Regulatory settings can either promote a dynamic market or inadvertently stifle competition, so we urge the incoming Government to prioritise policies that boost competition in Australian banking, which ultimately is better for consumers,” Lawrence said.
The housing industry has also offered some suggestions for the new cabinet.
Property Council of Australia (PCA) has pushed for a “pro-investment” attitude.
“With federal and state government deficits to the horizon, global investment to support industrial, commercial assets and housing supply must be a key focus for both federal and state governments,” PCA CEO Mike Zorbas said.
“During the life of this parliament, we need to end the blame-shifting on housing and, where proper industry consultation has occurred, pass good government legislation quickly. We should now fine-tune incentives to help those states that are failing their housing targets.”
HIA also weighed in and suggested the government introduce a “dedicated special envoy focused on social housing and homelessness.”
“This will provide housing minister Clare O’Neil with the ability to pull out all stops and focus on fast tracking the implementation of the key housing commitments set out in the lead up to the election to boost housing supply and increase home ownership rates,” said HIA managing director Jocelyn Martin.
[Related: Albanese re-elected – what’s in the pipeline for housing?]
