Shorten’s shadow ministry causes ‘Ripolls’

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Opposition leader Bill Shorten has demonstrated that financial services will be a high priority on the Opposition’s agenda.

Bernie Ripoll, former secretary to the Treasurer, secretary for small business – and responsible for the Ripoll Report Inquiry into Financial Products and Services in Australia – has been named as Shadow Minister for financial services and superannuation.

Chris Bowen will be Shadow Treasurer, while Shorten will take on the role of Shadow Minister for small business.

The announcement of Labor’s shadow ministry has been welcomed by the SMSF Professionals’ Association of Australian (SPAA).

SPAA CEO Andrea Slattery says that the shadow ministry indicates that superannuation will be a key policy area.

“In particular, the appointment of Bernie Ripoll as Shadow Minister for Financial Services and Superannuation gives our sector a spokesperson that understands the portfolio, being well regarded for his previous work as Parliamentary Secretary to the Treasurer and his parliamentary committee work.”

She says that SPAA will work closely with Ripoll “to further improve the integrity and efficiency of the superannuation sector”, and to ensure a bipartisan approach to Australia’s retirement incomes policy.

Slattery says SPAA is also heartened by the fact the Opposition leader, Bill Shorten, and Shadow Treasurer, Chris Bowen, both have significant experience in the superannuation and financial services portfolios and will bring a keen understanding of the issues to their new roles.

FPA general manager for policy and conduct Dante De Gori says that the shadow ministry provides shows consistency from the opposition, as the individuals are all well-known to the industry.

“The FPA knows Mr. Ripoll very well and obviously the fact that he was the chair on the Parliamentary Joint Committee on the inquiry into Storm, he’s obviously well-versed on financial services and the issues facing the industry. We welcome someone with that much knowledge,” says De Gori.

Are you feeling optimistic about the new Shadow Ministers? Share your thoughts below.

  • Merv Gay on 22/10/2013 10:16:37 AM

    Optimistic? Thank God they're in opposition and will never see government for twenty years at least. Optimistic? You've got to be kidding........

  • Investor on 22/10/2013 10:18:31 AM

    Labor are not going to let super go. It is a huge source of funding for the Labor Party, it is a huge source of jobs for the boys so they can earn $100,000s while not having to be paid from the Partys coffers. The best part is, they have made new laws that force the public to fund the scam! My super and the award scheme. Who said they are a bunch of DHs. If only they could run the country so well.

  • Craig Yates on 22/10/2013 12:09:56 PM

    The Labor Party made Financial Services a high priority when in power and made a monumental stuff up in every way possible.
    All this diplomatic lunacy from various organisations about "welcoming" the new shadow ministry is ridiculous in the extreme when they all know what a mess the design,instigation and implementation of FOFA has been under the control of Labor.
    Policy on the run without appropriate consultation and forward planning to predict unintended consequences of poor policy and these people applaud and encourage more of the same.
    These people play a clever diplomatic game and never appear to ever want to tell it like it is, or tell it like it was for fear of stepping on the toes of someone who may give them their next job.
    Labor have done inordinate damage in a short time frame and deserve no less than a long, dark period in opposition in order to sort themselves out.
    The Labor party have shown they are an internally incompetent group with infighting, fiscal mismanagement, compliance issues and people who will turn on their own in a flash if it betters their own position.
    Gee, that's the type of organisation that should be contributing advice in regard to the effective running of the Financial Services sector!!

  • Tim - Perth on 22/10/2013 12:27:39 PM

    Well, Bill Shorten as Shadow Minister for Small Business? If they ever get back into power, he'll go out of his way to make sure he has BHP, CBA, RIO, Woodside etc, etc in his portfolio responsibilities in no time. How to run a small business under a Labor government - start with a very large business.

  • Alistair on 22/10/2013 2:23:51 PM

    The Labor looneys who took financial services back in time are being welcomed in opposition by yet another industry body in SPAA.

    "SPAA CEO Andrea Slattery says that the shadow ministry indicates that superannuation will be a key policy area."

    In the words of John McEnroe - you can't be serious Andrea.

    The clowns in Labor destroyed the integrity in the superannuation system by reducing the contribution limits and compromising retirement outcomes for the sole purpose of driving an agenda by the Industry Funds Network.
    This in turn has massive fiscal implications for the economy and you claim that they understand our industry.
    For this, you should consider your role and your ability to be voicing such thought bubbles as you clearly appear out of your depth or you are foolish in your sentiments.
    Might I remind you that under this nonsense of Labor, SMSF's are also now of issue as they have allowed complicated investment schemes involving share trading to compromise the system and fueled a property concern within this sector where property spruikers have been allowed to run amok in this sector.
    All of this nonsense occurred under Labor and the fools that allowed this are being heralded by SPAA as caviar to the industry. A pathetic sick joke is the conclusion to your comments Andrea.

    “In particular, the appointment of Bernie Ripoll as Shadow Minister for Financial Services and Superannuation gives our sector a spokesperson that understands the portfolio, being well regarded for his previous work as Parliamentary Secretary to the Treasurer and his parliamentary committee work.”

    She says that SPAA will work closely with Ripoll “to further improve the integrity and efficiency of the superannuation sector”, and to ensure a bipartisan approach to Australia’s retirement incomes policy.

    Integrity and efficiency, Labor is not known for. Ideology and economic terrorism to the Australian people is what Labor represents.

    Lack of values, let alone Labor values, their hallmark, they deserve nothing but contempt for their tenure in office and may they be in political oblivion for the next 30 years.

    Might I remind you Andrea that their policies has been what has driven business and consumer confidence down, increased the cost of doing business with a myriad of regulation so confounding that investors and their advisers are frustrated.
    Get out of your ivory tower, come down from the cross and hang out with the rest of us.
    You are indeed a shameful example of no leadership for an association.

  • alleycat on 22/10/2013 3:39:18 PM

    Tim from Perth, you crack me up.
    Andrea Slattery (SPAA) and the FPA sucking up to the Labour party, for what reason ?
    They made a mess of things in government and thank goodness there is a "God" because as long as they remain in opposition, the superannuation industry and ordinary peoples retirement savings will get a fair go..... something denied under Labour.

  • PETER CORRIE on 22/10/2013 7:02:44 PM

    The socialist Labor party and FOFA have done an enormous amount of damage to the financial services and small business ,and, who were the main proponents none other than Bernie Rippoll and Bill Shorten. They obviously have never run their own business.
    Thank God they are now in opposition , so ,that we can work towards changing their regressive anti-business regulations and compliance issues and try and clean up their mess.

  • carl on 22/10/2013 10:13:50 AM

    No, I am not optimistic of the Shadow Ministers. Chris Bowen didn't do much when he could have, Bill Shorten was heavily influenced by the Industry funds and Bernie was restricted in his previous role so there could be a 'wait and see' in his new role.

  • Peter on 24/10/2013 5:55:50 AM

    SPAA must be from another planet welcoming the shadow ministers which when in opposition set back the industry by a decade. Labour can stay in opposition for another 20 years

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