The Hon. Steven Ciobo

The Financial Services Council congratulates the Hon Steven Ciobo on his Cabinet appointment as Australia’s second Trade and Investment Minister.

Andrew Bragg, FSC director of policy said: “This portfolio will shape the future of Australia’s services industries which represents 70 per cent of our economy but accounts for only 17 per cent of our exports.”

“The growth in demand for services from the swelling middle classes in the Asian region presents a tremendous opportunity. Australia needs the new Minister to ensure services can be exported through properly-implemented trade agreements,” Mr Bragg said.

“Selling Australian services requires much more than removing tariffs at the other end. Services trade will depend on licensing, digital barriers and other legal frameworks such as mutual recognition.”

“Services are the future and Mr Ciobo has the experience and the interest in services to ensure Australia capitalises on this opportunity. He has already shown his commitment to services trade by leading a financial services delegation to Korea in 2014.”

“Mr Ciobo will continue the work of the Hon Andrew Robb AO MP who put services trade on the map and sealed a trifecta of North Asian trade agreements with Japan, South Korea and China in 2014.”

“The industry is closely monitoring the implementation of these trade agreements and we look forward to the conclusion of the India free trade agreement,” Mr Bragg said.

The financial services industry also thanks Mr Robb for his outstanding service to the nation.

The post FSC Statement on Turnbull Ministry changes appeared first on AdviserVoice.

FSC welcomes the new Government’s Treasury team.

The Financial Services Council has welcomed the new appointments to the Treasury portfolio.

John Brogden CEO of the Financial Services Council said: “With Joe Hockey, Arthur Sinodinos and Steven Ciobo we have a strong team in Treasury which will well represent the financial services industry in its next growth phase.”

“As a former Treasury economist and chief of staff to John Howard, Arthur Sinodinos has unparalleled experienced for the role as Assistant Treasurer,” Mr Brogden said.

“We have worked with Mr Sinodinos over the past few yeas and look forward to continuing this in his role as Assistant Treasurer.

“The new Parliamentary Secretary to the Treasurer, Steven Ciobo, represents the next generation of Australian Coalition MPs.”

“Mr Ciobo has been a strong advocate for less regulation and red tape,” Mr Brogden said.

Mr Brogden also said: “While we are disappointed to lose Mathias Cormann after his strong contribution to the financial services industry over the past three years, we understand he is talented and congratulate him on his appointment to Cabinet.”

The post FSC says the government has appointed a strong Treasury team appeared first on AdviserVoice.