Labor names new financial services spokesperson

In Federal parliament yesterday, Mr Shorten announced a number of changes to the Labor opposition front bench, including the financial services portfolio, which has responsibility for regulatory and public policy affecting the financial services industry.

Clare O’Neill, Member for the Victorian seat of Hotham, has been announced in the role, taking over from former ACT chief minister Katy Gallagher who stepped down in May over dual citizenship concerns.

Prior to entering parliament in 2013, Ms O’Neill was mayor of the City of Greater Dandenong and worked as a management consultant at global firm McKinsey & Co, which advises a number of financial institutions.

While studying at Harvard University in the US, she interned at the New York Stock Exchange.

Shadow treasurer and former assistant treasurer Chris Bowen has taken on additional responsibilities for small business in the reshuffle, while Jim Chalmers - also a former Labor financial services spokesperson - has taken on the finance portfolio.