Thursday 3 May 2018

A guide for those following the Turnbull Government response to evidence given in the Financial Services Rooyal Commission


It won't be long before members of the Turnbull Government - from lowly backbenchers through to cabinet ministers - will be seeking to find excuses to give banks, along with finance and insurance companies, a 'get out of gaol free' card despite whatever findings and recommendations are contained in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

It almost goes without saying that such big political donors are bound to have some members of the government willing to fight in their corner in order to water down whatever post-royal commission legislative provisions are proposed.


To help with discerning just who might play those games, here is a list of Liberal and Nationals MPs and senators with banking/finance/insurance/superannuation backgrounds or who worked for large accountancy firms.


Altogether they make up 16.98 per cent of the Turnbull Government.
 
AUSTRALIAN HOUSE OF REPRESENTATIVES 45TH PARLIAMENT

Malcolm Turnbull MP (Lib) – former investment banker, Goldman Sachs

Josh Frydenberg MP (Lib) - former director, Deutsche Bank AG 

Kelly O’Dwyer MP (Lib) - former executive, National Australia Bank

Mathias Cormann MP (Lib) – former health services manager & acting general manager, HBF Insurance

Scott Bucholz MP (Lib) - former agri-finance manager

Bert Van Manen MP (Lib) - former bank officer, financial adviser 

Jason Falinski MP (Lib) - former strategy and M&A, Insurance Australia Group

Steven Ciobo MP (Lib) - former senior associate, Australasian Institute of Banking and Finance

John McVeigh MP (Lib) – former graduate executive trainee, Bank of Queensland

Barnaby Joyce MP (Nat) - former rural banker

Kevin  Hogan MP (Nat) -  former money market and bond trader, State Bank of NSW/Colonial State Bank & former Investment officer, Australian Catholic Superannuation Fund, former superannuation consultant 

Michelle Landry MP (Nat) - former supervisor, National Australia Bank

David Littleproud MP (Nat) – former banking and finance roles

AUSTRALIAN SENATE 45TH PARLIAMENT

Jane Hume SEN (Lib) - former investment research manager NAFM/ NAB, private banker NAB, senior manager, Rothschild Australia, vice president Deutsche Bank
Arthur Sinodinos SEN (Lib) - former banker

Dean Smith SEN (Lib) - former head insurance strategy, IAG

OTHER MEMBERS OF TURNBULL GOVERNMENT WHO FORMERLY WORKED FOR LARGE ACCOUNTANCY FIRMS/FINANCIAL INDUSTRY GROUPS

Ian Goodenough MP (Lib) - former accountant and senior associate, Financial Services Institute of Australasia

Michael Sukkar MP (Lib) – former senior consultant, PricewaterhouseCoopers

Matt Canavan SEN (Nat) – former senior executive, KPMG 

Note: Employment descriptions are ones that have been used by MPs & Senators themselves as of 28/04/18

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