Business News

SMSF Association applauds Labor appointment

The SMSF Association (SMSFA) has welcomed the appointment of Jim Chalmers as Labor’s superannuation and financial services spokesman.

According to the industry body, the move was recognition by Canberra that the policy areas of financial services and superannuation were important.

For Chalmers, the new portfolio responsibilities represent a promotion.

“The association congratulates Dr Chalmers on his promotion, noting that his elevation to the shadow cabinet will ensure that superannuation and financial services remain a priority for the opposition,” SMSFA chief executive Andrea Slattery said.

“The importance of the superannuation and financial services sectors cannot be overstated and the association is confident that Dr Chalmers will promote policies that will underpin their critical role in the economy.

“We welcome his appointment and look forward to working closely with him as the peak association for the SMSF sector and encourage the shadow ministry to focus on policies that continue to support Australia as a world leader in retirement systems.”

Chalmers was elected to parliament in 2013 and has previously held the roles of parliamentary secretary to the leader of the opposition, opposition parliamentary secretary for trade and investment, and deputy chair of the House of Representatives Standing Committee on Tax and Revenue.

The news of Chalmers’ promotion comes a few weeks after the coalition government appointed Kelly O’Dwyer as the new assistant treasurer, replacing Josh Frydenberg in the portfolio after he was made responsible for resources, energy and northern Australia.

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