Treasurer announces new financial services minister

As Treasurer, Mr Frydenberg will have responsibility for the development of the budget, economic and fiscal policy, taxation and superannuation policy, responding to the Hayne royal commission, major foreign investment decisions, and international engagement through the G20 and APEC meetings of finance ministers, International Monetary Fund and the World Bank.

He will also have primary oversight of the Australian Securities and Investment Commission (ASIC), Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC).

"Assistant Treasurer the Hon Stuart Robert MP will have responsibility for financial services and the day-to-day management of superannuation, competition and consumer policy, the Australian Bureau of Statistics, fintech, crowd source equity funding and assisting across the portfolio on matters including taxation legislation and administration," the Treasurer said. 

Assistant to the minister for treasury and finance Zed Seselja will have responsibility for the not-for-profit and mutuals sector, including the Australian Charities and Not-for-profits Commission (ACNC), Royal Australian Mint, assisting the Treasurer with some aspects of foreign investment, and working with the Treasurer on housing policy as well as assisting with matters across the portfolio.

"The Morrison government will continue to deliver strong economic management which has seen 1 million new jobs created since the Coalition came to government while also delivering important tax relief for individuals and small and medium-sized business," Mr Frydenberg concluded.