Dr. Daniel Mulino to Lead Financial Services Ministry
Prime Minister Anthony Albanese has confirmed Dr. Daniel Mulino as the next Assistant Treasurer and Financial Services minister, a role critical to shaping economic policy relevant to the insurance industry. The announcement was made during a Canberra press conference where Albanese revealed the government’s new cabinet lineup.
Dr. Mulino’s appointment comes as no surprise given his recent role chairing the government’s 2022 flood inquiry. The inquiry’s final report contained 86 recommendations aimed at strengthening the General Insurance Code of Practice and industry regulations. Industry stakeholders have welcomed the news, with the Insurance Council of Australia (ICA) and the Council of Australian Life Insurers (CALI) both issuing statements of support.
“Dr. Mulino has a clear track record of improving outcomes in the insurance industry. He understands the protection needs of all Australians and the importance of access to a strong financial safety net,” said Chris Cupitt, CEO of CALI. Andrew Hall, CEO of ICA, noted that the appointment “signals that the Prime Minister and his Government takes seriously the important contribution financial services make to the economy and to the lives of millions of Australians.”
Dr. Mulino will succeed former minister Stephen Jones, who announced his retirement from politics in January. The new cabinet ministers are set to be sworn in during a ceremony on Tuesday morning.
The appointment is seen as a positive development for the insurance industry, given Dr. Mulino’s experience and understanding of the sector’s challenges and opportunities. His leadership is expected to shape future economic policy and industry regulations.
