Former Minister for Financial Services Stephen Jones has been appointed Ambassador and Permanent Representative to the Organisation for Economic Cooperation and Development in Paris, France.
Earlier this year Jones announced he would retire after the federal election, ending a 15-year tenure as a Member of Parliament, including the past three years holding the financial services portfolio in government, and the three years prior to that in opposition.
A joint media announcement from Treasurer Jim Chalmers and Minister for Foreign Affairs Penny Wong said Jones would bring a wealth of experience to advancing Australia’s interests at the OECD.
“In Government, Mr Jones delivered reforms to strengthen Australia’s superannuation and financial systems, modernise markets, and improve the integrity of our tax system,” the announcement said.
“The OECD is a trusted and influential pillar of global economic governance and a recognised leader in economic research, analysis and evidence-based policy guidance on economic and social issues.”
Chalmers and Wong said Australia contributes to and benefits from the OECD’s work in areas spanning trade, health, employment, agriculture, overseas development assistance, energy, education, taxation, digital economy, and environment policy.
“The OECD has global reach through its member countries, key partners and regional initiatives,” the announcement said.
“Australia supports the OECD’s increased engagement in the Indo-Pacific region as it builds a more globally representative membership.”
Jones will replace Brendan Pearson, a former senior adviser to the Office of Prime Minister, who commenced the role on 4 October 2021.
Jones had a polarising relationship with the financial advice profession – after promising to quickly fix the advice sector his progress instead underwhelmed.
The Delivering Better Financial Outcomes package, based on the final report of the Quality of Advice Review led by Allens partner Michelle Levy, was meant to be the cornerstone reform to improve advice affordability and accessibility during his tenure, but was left incomplete, with multiple issues in the drafting process for Tranche 1 of the legislative reforms. The first tranche passed a year ago, 18 months Levy handed in the final report.
The half-completed second tranche of draft legislation faced criticism, with concerns raised about the expansion of advice in super, particularly the qualifications of individuals in super funds who could give retirement advice, as well as a belief it offered little in making advice more affordable.
Jones had one major win: the experience pathway, which gave advisers with more than a decade of experience an exemption from the education standard requirement to hold a tertiary degree or equivalent, or higher.
The former minister also announced a proposed expansion of the education standard, in the weeks leading up to the election. But the he also faced heavy criticism for doing little to help reduce the cost of professional advice in the face of rising levies from ASIC and the Compensation Scheme of Last Resort.
If ever you needed evidence of nepotism here it is. Stephen Jones is one of the worst politicians we have had to endure.
It is actually embarrassing that he will represent Aust elsewhere with all his “stuff” and other childish language.
The man has little self awareness let alone being able to think independently.
Australia ranks dead last for productivity amongst all OECD Countries, which is all the proof we need to see just how “Good” the current crop and previous crop of politicians, public servants, Regulators and Legal eagles who pushed Australia to the top of the RED TAPE podium, where we have gone from a Country of getting things done, to being “SEEN” to be doing things, while backing over Business and killing off their abilities to be competitive, or innovative.
Stephen Jones, to his credit, went from total ignorance, to at least recognising that the solution pushed by the Liberal elitists, who as like all Politicians from all the parties, had no understanding of the real issues and less ability to fix things.
Where Stephen Jones let us all down, was his background of Legal training and brainwashing where only the Legal profession can fix issues, ironically nearly always caused by their own ilk, who are incapable of common sense and plain English, which is their number one and two most common enemy, that could bring them to heel if anyone had the courage to first speak up, then remove these parasites from being involved in bringing about the changes that needs to be done to lift Australia out of the cesspit we are all being dragged down by.
So, based on past actions and that the Legal eagles are a worldwide pandemic, it is only fitting that another Lawyer should join the merry “club of incapability,” to do anything positive.
Jones listened, made a couple of positive steps, then fell back in amongst his peers to crush, by words of legalize, what needed to be done.