Cabinet appointments send the right signal to SMSF sector

Mathias Cormann

Mathias Cormann

Having the portfolio of Assistant Treasurer in Cabinet and combined with Small Business is a very positive development for the self-managed super sector, says SMSF Association Managing Director/Chief Executive Officer Andrea Slattery.

“There is a natural symbiosis between small business and SMSFs, and for someone of the calibre of Kelly O’Dwyer to be appointed to both portfolios is a sign this new Government is placing the right emphasis on these critically important areas for the economy.

“Kelly comes to these portfolios with the experience gathered as Chair of the House of Representatives Economics Committee, and then as Parliamentary Secretary to the Treasurer.

“The Association believes she has the requisite skills to quickly come to grips with the many outstanding issues in these portfolios that are demanding attention.

“We are optimistic that Kelly, in partnership with the new Treasurer, Scott Morrison, and the reappointed Finance Minister Mathias Cormann, can provide the leadership that will see a concerted response to the current and future reform agendas.

“The combination of all three in Cabinet is an excellent move and a recognition of the importance the Government is placing on future economic and fiscal policy.

“It should mean reports such as the Financial System Inquiry and the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the financial services industry will be scrutinised sooner rather than later and a Government position formulated.

“Both these reports are critical to the SMSF sector in particular and superannuation more broadly, so it’s imperative to get a response soon from the Government.”

Slattery says giving the Treasury portfolio to a proven performer in Scott Morrison is to be applauded. “In his previous portfolios he demonstrated a capacity to strongly deliver policy to meet the future needs of Australians, and we expect it to be no different in Treasury.

“I am also looking forward to meeting with Prime Minister Malcolm Turnbull to update him on the role that SMSFs, as the largest superannuation sector, play in the economy.

“Given the ambitious agenda he has set for Government and his commitment to economic policy, I am certain he will want to discuss how the almost 1.1 million SMSF trustees, hailing from the professional, small business, self-employed and primary production sectors and representing $590 billion in FUM, can significantly contribute to growth.”

Slattery says the Association wants to thank the outgoing Assistant Treasurer, Josh Frydenberg, for all his significant work to progress the reform agenda and congratulate and wish him well in his new portfolio and important promotion to Cabinet.

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