Dutton has announced that Luke Howarth will serve as both shadow assistant treasurer and shadow financial services minister.
“Luke understands that small business is the backbone of the Australian economy,” the Opposition Leader said in a statement.
“He has previously run a family business before entering Parliament and has a strong understanding of the financial pressures many Australians are currently experiencing under the government’s cost-of-living crisis.
“Luke will bring his strong command of retail economics to this important role.”
Prior to his new appointment, Howarth had served as shadow minister for defence industry and defence personnel since June 2022.
The previous shadow assistant treasurer and shadow financial services minister, Stuart Robert, announced his resignation back in May last year, after 16 years in Parliament.
“Serving my community and the country has been the highest of honours. But it is now time to focus on my family,” Robert said at the time.
Robert joined ifa on a podcast just a week before his resignation where he was openly critical of Financial Services Minister Stephen Jones and his handling of the financial advice industry.
Among other things, Robert denounced the government’s approach to the Quality of Advice Review (QAR), referring to their “consulting upon the consultation” as a “farce”, and raised doubts about the competency of Jones.
Senator Andrew Bragg, who some had hoped would be named as shadow financial services minister, will instead serve as shadow assistant minister for home ownership.
My pet donkey could do a better job, the incumbents have had their chance and failed, 2 years have past and we are still waiting for meaningful reform – Jones & Albo need to go, period.
I need to remind people that during the ill fated LIF negotiations surrounding Risk Insurance remuneration, Andrew Bragg in his role with the FSC was right behind the push to reduce commission remuneration to a level only basis and threatened that if that proved to not work, then a banning of commissions entirely was the only ultimatum.
We only have to see what an utter disaster the LIF has been in relation to Risk Insurance, affordability and the lack of access by Australians to experienced, professional advisers in the space has been.
Andrew Bragg previously represented the views of his masters in the FSC.
I have no doubt he will only continue to do so as his blueprinted opinion of Financial Advisers will be difficult to dilute from his previous history.
Well he couldn’t be worse than Peter Costello’s ex staffers Kelly O’DWYER & Frydenberg, who were complete disasters.
I tend to agree, but still no reason to vote Liberal either?
Whatever it is that the Liberals are after – it ain’t my vote.
There is a reason why he is a shadow…
Why not BRAGG?
Gawd save us
What are Luke Howarth’s professional qualifications? I appreciate he may have once run a business, an MBA and or a masters in financial planning should be a minimum for his portfolio? I cans see how anyone with no/a lower level of qualifications than that legislated by the government could possibly add any value to these portfolios?
He has the qualifications to to be financial services minister though:
– CertIII PestMgt (Brisbane North Institute of TAFE).
– Judo Black Belt, Sho Dan (Qld representative).
– Qualification in Scuba Diving.
– DipBus (Brisbane North Institute of TAFE).
Obviously picking someone who has a finance background would be out of the question.
Pest management may come in handy in canberra
Here we go again. Didn’t know much about Mr Howarth, so checked up his Wikipedia entry and frankly it does not appear that he would know much about financial services. Not that that matters – Mr Jones training is in being a lawyer with allegiances to industry funds super. The fact that Mr Dutton hasn’t had a Minister for financial services for almost a year tells us what he really thinks about our industry.
My prediction is is that the FAAA, AIOFP and various other adviser representative organisations will now spend an inordinate amount of time and effort getting to know Mr Howarth. We’ve done it all before, and it all fell flat.
Back in the early days of the Howard administration, post Wallis, Joe hockey and Marius Corman had more free lunches with the AFA then I’ve had hot dinners. Then just as the 2004 legislation was tabled, Joe disappeared off to become a minister in another portfolio and all the provisions we’d lobbied against were back in the legislation. Time to start again with the new man who I think was called Campbell and stayed with us for about a year or so , then he too disappeared.
All that lobbying and duchessing was really to no avail because the banks had the ears of their ex-employees O’Dwyer and Freydenberg.
Mr Howarth is highly qualified for his new Treasury and Financial Services roles…..??????
Qualifications and occupation before entering Federal Parliament
CertIIIPestMgt (Brisbane North Institute of TAFE).
Judo Black Belt, Sho Dan (Qld representative).
Qualification in Scuba Diving.
DipBus (Brisbane North Institute of TAFE).
Sony Australia Ltd. from 1993 to 2001.
Managing director from 2002 to 2013.
The Certificate in Pest Management is likely to come in handy. The FAAA & AIOFP is sure to receive a dose of ratsack at some stage.
Brilliant
Bragg would have been a better choice!
Bragg is a moderate.
Mr Howarth appears to be somewhere east of Mr Bragg