Anthony Albanese has revealed the nation's new financial services minister, amid a broader cabinet reshuffle.
Daniel Mulino will serve as assistant treasurer and financial services minister. He will be sworn into office Tuesday, May 13.
Albanese — who was recently re-elected as Australia's prime minister, following a landslide victory earlier this month — revealed the news during a press conference Monday.
The addition of Mulino follows the departure of former Minister for Financial Services Stephen Jones, who told Parliament in January that he would resign following the election.
Albanese said of Mulino: "He's terrific and he’ll do a terrific job.
“He’s played a role in the Parliament here in economics, I believe the economics team remains strong, led of course by [Treasurer Jim Chalmers] and [Finance Minister Katy Gallagher],” Albanese said.
As minister of financial services, Mulino will oversee Australia's financial services sector, which includes broking. He will also be in charge of carrying out the Labor party's financial agenda.
Mulino worked as a lawyer at the Attorney-General's Department in the late nineties. His resume also includes a stint as an economist at the Independent Pricing and Regulatory Tribunal, before joining as a member of the House of Representatives standing committee on economics in 2019. Mulino became chair in 2022.
Among the many other changes to the cabinet's are:
The changes will have widespread implications on the housing sector, and are part of the Labor party's broader strategy to rejuvenate its cabinet while addressing continued headwinds amid Australia's financial landscape.
The appointment of Mulino as the new financial services minister will likely impact the larger mortgage industry, as well as brokers. Some market players have anticipated that the new minister may make regulatory reforms, which would impact housing. Emphasizing a faster adoption of technology will also benefit brokers by helping them streamline many administrative tasks. In addition, many hope that with Mulino leading financial services there will be a greater emphasis on brokers and their needs.
The Mortgage & Finance Association of Australia's (MFAA) Chief Executive Officer Anja Pannek told Australian Broker: “We will be working very closely with the new minister for financial services to ensure there’s clarity and progress on the CSLR [Compensation Scheme of Last Resort], that there’s an easier way for first home buyers to get on the property ladder, and that Australians will continue benefit from the guidance, financial education, and competition and choice that brokers provide."
