The Treasurer will be responsible for responding to the Banking Royal Commission. However superannuation will be divided between the Treasurer and Assistant Treasurer.
Treasurer Josh Frydenberg has announced the ‘Treasury portfolio arrangements’, mostly clearing-up who is responsible for what. It was initially unclear what areas would be within the purview of Assistant Treasurer Stuart Robert.
Treasurer Frydenberg will be responsible for the “development of the budget, economic and fiscal policy, taxation and superannuation policy” and “responding to the Banking Royal Commission” – which is also looking into broader financial services and superannuation.
“I will also have primary oversight of the Australian Securities and Investment Commission (ASIC), Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC),” said Frydenberg.
Assistant Treasurer Robert will have responsibility for financial services and the “day to day management of 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”.
Labor has criticised the appointment of Stuart Roberts, and criticised the Government for not appointing a Minister for Financial Services – Kelly O’Dwyer was formerly the Minister for Revenue and Financial Services.
Meet your new Minister in charge of the #bankingrc.
He thinks bank scandals are inevitable, and that banks are better off regulating themselves.
Oh, and he was previously dumped from the ministry for his own misconduct. What a choice. https://t.co/lEx3RRAbPG
— Clare O’Neil MP (@ClareONeilMP) August 28, 2018
Frydenberg will also be responsible for “major foreign investment decisions and international engagement through the G20 and APEC meetings of Finance Ministers, International Monetary Fund and the World Bank”.
Assistant to the Minister for Treasury and Finance Senator Zed Seselja will assist the Treasurer on “some aspects” of foreign investment, and work with the Treasurer on “housing policy as well as assisting with matters across the portfolio”. He will also be responsible for the not-for-profit and mutuals sector, including the Australian Charities and Not-for-profits Commission (ACNC), and the Royal Australian Mint.
“The Morrison Government will continue to deliver strong economic management which has seen one million new jobs created since the Coalition came to government while also delivering important tax relief for individuals and small and medium-sized business,” said Treasurer Frydenberg.