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, a policy adviser at the Department of Finance, and an economist at the Independent Pricing and Regulatory Tribunal.
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.
Other ministerial appointments are listed below:
- Mark Butler: Minister for Health and Aged Care, Disability and the NDIS.
- 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.
- Jason Clare: Minister for Education.
- Michelle Rowland will be the new Attorney-General.
- Tanya Plibersek: Minister for Social Services.
- Julie Collins: Minister for Agriculture, Fisheries and Forestry.
- Clare O’Neil: Minister for Housing, Homelessness as well as Minister for Cities.
- Madeleine King: Minister for Resources and Northern Australia.
- Murray Watt: Minister for the Environment and Water.
- Malarndirri McCarthy: Minister for Indigenous Australians.
- Anika Wells: Minister for Communications and Minister for Sport.
- Pat Conroy: Minister for Defence Industry and Minister for Pacific Island Affairs.
- Anne Aly: Minister for Small Business and Minister for International Development and Multicultural Affairs.
- Tim Ayres: Minister for Industry and Innovation and Minister for Science.
In the outer ministry:
- Matt Keogh: Minister for Veterans’ Affairs and Defence Personnel.
- Kristy McBain: Minister for Regional Development, Local Government and Territories and NDIS, and Minister for Emergency Management.
- Andrew Giles: Minister for Skills and Training.
- Jenny McAllister: Minister for the NDIS.
- Daniel Mulino: Assistant Treasurer and Minister for Financial Services.
- Jess Walsh: Minister for Early Childhood Education and Youth
- Sam Rae: Minister for Aged Care and Seniors.
Bring on more red tape, more compliance, more complex regulations and more educational requirements. I see opportunities everywhere. Off-topic example: just imagine the extra work (and fees) the Div 296 tax will generate.
If you’re still waiting for politicians to ‘fix’ things so you can make money or run a profitable business, you are the problem — not them.
Politicians have always been, and always will be, an impediment to doing business. This isn’t new. You should’ve learned to work around it by now.
You missed the point. You are like that proverbial frog in a pot of water that’s heating up, not realising the danger until it’s too late. Advisers are being cooked.
At least this new bloke has a PhD (the hope is in how he can unwind red tape but more likely it is how he will create more!)
Labor is like the gift that just keeps on giving…!
Advice industry would continue evolving (by design) to be a niche business, serving only the privileged.
Big institutions and big tech will soon ‘take care’ of the unadvised.
I guess this was the master plan all along, for these last 2 decades of “reform”.
I asked Chat GPT to to analyse that book he wrote…then whether he’d be in favour of Advice delivered via the public sector, such as employing Backpackers from Vietnam with 4 days of training reading out a script, supervised via an Ex banker with a sales target whilst working in Government regulated Super funds or the private sector, such as privately owned or institutionally owned Financial Planners with decades of experience with Degrees.
ChatGPT said….. “you’re screwed and change your name to Comrade now”
Oh truck.
Oh good, another lawyer who has no actual financial services experience, should be a fun 3 years.
Another puppet in the grand scheme of the NWO. Anybody read a book called the “Hidden Tyranny”
Combine this with the book titled ‘Creature from Jekyll Island’ by Edward G Griffen
Industry Super got value for money from their political donations. And bonus points that he’s a lawyer, so more convoluted legalese coming to add to the compliance burden.
Shop steward at Big W while still at high school, adviser to Bill Shorten, arrested while protesting in the USA, won best debating speaker at Oxford.
A lawyer with a PhD sounds like a perfect fit to help remove the red tape mess and expenses we now endure no thanks to his predecessor!
Only time will tell…
A lawyer with a PhD sounds more like a perfect fit for the ISA network and will only increase the red tape mess and expenses we now endure!
met with him once. union man. loves industry funds. was not open to listening to me. he said that his research demonstrated that industry funds were the way to solving the financial planning issues. good luck. what a poor decision. disbelief. but then again. its labor. so not surprised.
Is it time for the major associations to start getting a campaign ready to go using their members money on a new version of “compare the pair” being the benefits a client can receive from a qualified adviser (who is a member of their association) vs the smaller amount of benefits (and potential traps) that same client would receive when advised only by an ISN NCA…
This could be sent to every member for them to use as a client education tool however they choose via socials, emails, client information packs, media, inside the SoA/CAR, etc.
Wonder if any of the major associations (like FAAA) are considering selling their sole to set up a new type of membership for all those incoming NCA’s…?
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
The associations must highlight the conflicted relationship between the ALP, the ACTU and industry Super. Members would finally realise that their retirement benefits are indirectly being used to fund politics.
They definitely won’t be doing that. I asked the FAAA a few years ago and their future is Qualified Advisers. Pretty confident you might be sitting at an FAAA 2028 conference and next to you will be a Hesta Adviser with 2 days training, no education, no FASEA exam, saying “I’m an adviser too”, with Hesta having paid for their FAAA membership fees. Just hope FAAA members appreciate the direction.
Yep, he will do a great job for the gravy chain which is the Union Industry Funds, so I would not get too excited about this announcement.
Let the next chapter of the Industry Super Wars begin…
We lost that war now with a majority and ISA leftist like Mulino (who advised shorten when he FSM) in control they’ll salt the earth we walk on, and we’ll disappear into folk law. And you’ll find me at the coffee shop my daughter owns waiting tables and the happiest I’ve been in 30 years.