Daniel Mulino takes over financial services portfolio

Daniel Mulino is the new minister for financial services and assistant treasurer.

Mulino was named in the position by Prime Minister Anthony Albanese yesterday.

He brings a great deal of relevant experience to the portfolio. With an extensive background in economic policy, he was most recently chair of the House of Representatives Economics Committee.

Mulino has previously consulted to the World Bank and the US Federal Reserve and is a former economic adviser to Bill Shorten and former Victorian premier Steve Bracks.

He holds a PhD in economics which he received from Yale University, and also previously taught economics at Yale and at Monash University.

In welcoming Mulino to the role, Financial Advice Association Australia chief executive Sarah Abood said she is looking forward to working with him on areas in need of reform, like the Compensation Scheme of Last Resort and the Delivering Better Financial Outcomes legislation.

"These are priorities that our members are keen to see addressed quickly by the federal government," she said.

"It is critical that we build a healthy and sustainable financial advice community in Australia to help more Australians achieve financial wellbeing and security."

Meantime, Chartered Accountants ANZ chief executive Ainslie van Onselen said his appointment provides an opportunity for a fresh perspective.

"Rather than making piecemeal changes, we call on the Albanese government to undertake long-term tax reform in its second term. We stand ready to work closely with Dr Mulino through what we hope will be a period of renewal and reform," she said.

"We look forward to consulting with Dr Mulino to ensure that the government's plans to widen the range of sanctions available to the Tax Practitioners Board will be fit-for-purpose and right sized.

"We will also encourage the government to go back to the drawing board on its planned tax on unrealised gains in superannuation balances over $3 million. This policy has significant issues that need to be addressed, as it is likely to incur higher administrative costs than the revenue it will generate."

AMP's Alexis George also welcomed Mulino, saying: "Over the next decade, more than 2.5 million Australians are expected to transition into retirement. That number is set to rise to nearly one in four Australians in less than 40 years. While superannuation balances and household wealth have grown, too many Australians still struggle to navigate an overly complex retirement system."

"We look forward to working with the new minister to continue to implement targeted and well-considered reform - particularly by improving financial literacy and access to advice, simplifying the retirement system, and encouraging innovation in retirement products and services."

From the super sector, the Association of Superannuation Funds of Australia outlined three key areas in which it would like to see Mulino take action.

These were improving retirement outcomes through quality advice, implementing Payday Super without delay, and working with the super sector to tackle financial abuse.

"We congratulate Minister Mulino on his appointment and look forward to establishing a positive and fruitful working relationship with him," chief executive Mary Delahunty said.

Taking on the dual role of assistant treasurer, he was described by treasurer Jim Chalmers as an "absolutely outstanding appointment."

"I've already sat down with Daniel Mulino... Overall in the portfolio the big priorities are managing this global uncertainty, making our economy more productive, building more homes, rolling out the tax cuts, providing this cost-of-living help, continuing to make progress on inflation," Chalmers said.

"Those are our overarching priorities. And I've obviously spoken to Daniel and also Andrew [Leigh, assistant minister for productivity, competition, charities and treasury] about their role in that. They will be an absolutely extraordinary team, and I'm looking forward to working with them..."