Liberal Party Senator Jane Hume, a self-described political outsider with a professional background in private banking, is the latest politician to have assumed responsibility for the superannuation and financial services portfolio, which includes oversight for the Financial Adviser Standards and Ethics Authority.

Hume was confirmed as the Assistant Minister for Superannuation, Financial Services and Financial Technology on the weekend, reporting to Michael Sukkar, who was named Assistant Treasurer as well as Minister for Housing under Treasurer Josh Frydenberg following the re-election of the Liberal Party in the May federal election.

Hume replaces ex-serviceman-turned businessman then politician, Stuart Robert, who was named Minister for the National Disability Insurance Scheme (NDIS) on the weekend. Robert spent eight months as the Assistant Minister in charge of the financial services and superannuation portfolio.

Hume’s appointment falls within the Treasury reporting structure created in the wake Liberal Party leadership spill in August last year when former prime minister Malcolm Turnbull was ousted and former treasurer Scott Morrison was appointed to the top job. At that time Robert took over responsibility for the financial services portfolio and the day-to-day management of superannuation, competition and consumer policy.

Robert’s portfolio responsibilities, which included oversight over FASEA, the statutory body created following an amendment to the Corporations Act in 2017, introduced by Robert’s predecessor, Kelly O’Dwyer, appear to fall under Hume’s new purview. A confirmation from Frydenberg of his own, Hume and Sukkar’s portfolio responsibilities is expected shortly given Morrison has confirmed his new ministry.

Victorian Senator Jane Hume during her 2016 maiden speech

“I do not come to this place with political pedigree, nor a reputation that proceeds me,” Hume told parliament during her maiden speech in July 2016.

“I have no media profile, I’ve never worked at a think-tank. And although I’m intellectually curious I am not a philosopher. I come to this place with high hopes, but I am a realist, a pragmatist and a workhorse,” she said, during a speech in which she highlighted her preference for progressive economic policy, in particular relating to social impact investing.

Immediately before entering politics Hume was a senior policy adviser at AustralianSuper where she worked for a little over a year. Hume began her career as a private banker and investment researcher at National Australia Bank before taking business development and senior leadership roles at Rothschild Asset Management and Deutsche Bank.

“Before coming to politics I had a 20 year career in banking, finance, investment economics and superannuation. I am here to improve the lives of others by implementing practical, common sense policy and legislation that will reflect the knowledge I have gained from the real commercial world,” Hume said during her maiden speech.

Smith is the editor of Professional Planner’s print and digital platforms. He is an experienced financial journalist, editor and multimedia producer who has held senior editorial positions both in mainstream press and trade media.
One comment on “Political outsider named new financial services minister”
  1. The industry needs a “practical, common sense policy and legislation” lens however, it doesn’t seem to go so well in the political world, Turnbull’s promise of this approach was dashed on the rocks of extreme ideology (at best) and gamesmanship tactics (at it’s ugliest).
    Practical, common sense, real world politicians have to learn the political game plan and then, it’s all down hill from there.
    I do however wish Jane Hume all the best and hope she can make a fist of this portfolio.

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