Financial Services Minister appointed; climate, cyber gain focus

Prime Minister Anthony Albanese has appointed Stephen Jones as Assistant Treasurer and Financial Services Minister and has given climate change and cyber security portfolios an elevated focus within Cabinet.

Murray Watt has been named Minister for Emergency Management, continuing in an area of responsibility held in a shadow capacity, while Chris Bowen has been appointed Climate Change and Energy Minister and Clare O’Neil becomes Minister for Cyber Security.

Mr Albanese announced the Ministry full line up late yesterday after some key appointments, including Jim Chalmers as Treasurer, were confirmed before his trip to Japan for the Quadrilateral Security Dialogue meeting.

The Insurance Council of Australia (ICA) says in the main, new ministers will provide continuity from Opposition for the sector, and it looks forward to working with Mr Jones on the implementation of the Northern Australian Reinsurance Pool, among other matters.

“There are no shortage of issues confronting ministers in portfolios that relate to insurance, and the ICA looks forward to continuing our work with those minsters we know well and those new to our areas of interest,” ICA CEO Andrew Hall said today.

“We are really pleased to see Senator Murray Watt retain Emergency Management and enter the Cabinet, which is testament to the hard work he has put into this difficult portfolio area.”

Labor’s commitment to $200 million a year in mitigation funding, matching spending sought by ICA, was announced in January by Mr Albanese and Mr Watt ahead of the federal election campaign.

ICA says insurers “well understand” the impacts of climate change, and welcome the return of the climate change portfolio and its position in Cabinet under the “able stewardship” of Mr Bowen.

Insurers have also supported the increased focus on cyber issues as they look at how the industry can protect businesses.

Mr Hall thanked former Shadow Assistant Minister for Financial Services Matt Thistlethwaite for his “very collaborate and open-minded approach to the insurance sector over the past three years”.

Mr Thistlethwaite has moved out of the financial area to become Assistant Minister for Defence, Veterans’ Affairs and the Republic.

In other appointments, Katy Gallagher becomes Finance Minister and Jenny McAllister is Assistant Minister for Climate Change and Energy.