Nationals MP Pat Conaghan will return as Shadow Minister for Financial Services, after he was briefly sidelined from the portfolio due to the Coalition’s fallout over the Labor government’s hate speech laws. The Financial Advice Association Australia welcomed the move.
National Party leader David Littleproud had offered blanket resignations for all shadow ministerial positions held by party members after three of his Senate colleagues were dumped by the Coalition for opposing hate speech laws.
The bill was introduced to strengthen hate speech laws by the Labor government, which had faced heavy criticism for not doing more to stem rising antisemitism after 15 people were killed near Sydney’s Bondi Beach on 14 December 2025.
Coalition rules dictate that shadow ministers must align in solidarity with the leader of the opposition on all legislation to pass the floor.
This rule was broken when three senators (Bridget McKenzie, Matt Canavan and Susan McDonald) voted against the hate speech bill after amendments sought by the party were voted down.
Shadow Treasurer Ted O’Brien took over the portfolio on an interim basis before Conaghan was reappointed after the Coalition reunited on the weekend.
The Financial Advice Association Australia welcomed the reappointment of Conaghan.
“Mr Conaghan will continue to play an important role in addressing key issues for the financial advice profession such as the Compensation Scheme of Last Resort and growing Australia’s financial advice profession,” FAAA chief executive Sarah Abood said.
“The Australian financial advice sector requires substantial reform to achieve a regulatory regime that will deliver improved access and affordability of high-quality financial advice for more Australians. I look forward to continuing to work constructively with Mr Conaghan to ensure more Australians are able to achieve financial wellbeing.”
Conaghan was appointed to the portfolio in late May, quickly becoming an effective attack dog and criticising the Labor government’s failure to complete the Delivering Better Financial Outcomes reforms to financial advice, the increasing burden on advisers of the Compensation Scheme of Last Resort, and inaction on investor losses in Shield and First Guardian.
Conaghan has also been a fierce critic of ASIC, strongly supporting his Liberal colleague Senator Andrew Bragg’s review of the regulator and using a keynote speech at the FAAA National Congress last November to call out ASIC in the presence of one of its senior executives.
