Treasurer bullish on ‘intellectual horsepower’ of new portfolio appointments

Speaking across a range of media appearances on Tuesday, Chalmers boasted that he would be part of a “perfectly collaborative” new Treasury team, describing them as a “brains trust”.

Alongside Assistant Treasurer and Financial Services Minister Dr Daniel Mulino, the portfolio also includes Clare O’Neil as Minister for Housing, Homelessness, and Cities, Dr Anne Aly as Minister for Small Business, International Development, and Multicultural Affairs, and Dr Andrew Leigh as Assistant Minister for Productivity, Competition, Charities and Treasury.

“I’m surrounded by brainiacs in the Treasury portfolio team, and I’m really excited about that,” Chalmers said.

Including the Treasurer, the portfolio includes four of the seven Labor members to hold PhDs.

Speaking about Mulino specifically, Chalmers said he was “an absolute gun”.

“He’s an absolutely outstanding appointment. I’m very grateful to the PM, not just for the chance to serve as the Treasurer for a second term but also to work with these really quite extraordinary colleagues, a lot of intellectual horsepower, a lot of experience and energy, enthusiasm and dynamism,” he added.

“I’m really looking forward to working with all of them. I’ve already sat down with Daniel Mulino. We had a good meeting yesterday afternoon, and with Andrew Leigh.

“Overall in the portfolio the big priorities are managing this global uncertainty, making our economy more productive, building more homes, rolling out the tax cuts, providing this cost‑of‑living help, continuing to make progress on inflation.

“Those are our overarching priorities. And I’ve obviously spoken to Daniel and also Andrew about their role in that. They will be an absolutely extraordinary team, and I’m looking forward to working with them.”

Notably, there was no mention of finalising the financial advice reforms in the Treasurer’s list of priorities, which was high on the totem pole for industry bodies in the wake of the election.

Financial Advice Association Australia chief executive Sarah Abood said the association welcomed the “opportunity to work with [Mulino] on issues such as the Delivering Better Financial Outcomes reforms and fixing the Compensation Scheme of Last Resort”.

“These are priorities that our members are keen to see addressed quickly by the federal government,” Abood said.

“It is critical that we build a healthy and sustainable financial advice community in Australia to help more Australians achieve financial wellbeing and security.”

FSC CEO Blake Briggs also pushed for advice reform to be a priority for the new minister, particularly given they are already deep into the process.

“Dr Mulino commences in the role with a range of important reforms underway and has the opportunity to complete those processes with broad industry support,” Briggs said.

“The FSC supports the Assistant Treasurer prioritising the government’s landmark financial advice reforms, which have the potential to significantly expand access to financial advice for Australians at scale and reduce costs for the financial advice profession.”

However, Chalmers also assured that the “hard work has already begun” for his new team, noting the importance of navigating “global economic uncertainty”.

“We continue to roll out our cost‑of‑living help and make our economy more productive over time as well, build more houses, get the energy transformation right. These are the priorities for me as Treasurer, but for the economic team more broadly, the Cabinet and the government as well,” the Treasurer said.

“We welcome the opportunity to work for the Australian people for another term with a big focus on the economy. The economy was front and centre in the election campaign, it will be front and centre in the second term, just like it was in in the first term.

“Our Albanese Labor government is defined by responsible economic management and people should expect that to continue.”