Arthur Sinodinos was sworn in by the Governor General on Wednesday as Assistant Treasurer in Tony Abbott’s outer ministry, making history in the process – becoming the first Greek Australian politician to hold a Coalition ministerial position.
Media reports that ‘question marks’ had been raised within the Coalition over Senator Sinodinos’ suitability for an inner-cabinet post – given his potential future appearance before a corruption inquiry relating to his time as a National Australia Bank executive – were dismissed by a senior Coalition spokesman and the Prime Minister.
The anonymous official – as reported by the Australian Financial Review midweek – said that it had never been planned to promote Senator Sinodinos to cabinet immediately.
Prime Minister Tony Abbott defended John Howard’s former chief of staff, telling media: “I wouldn’t be appointing Arthur if I thought there was any cloud over him.”
By appointing Julie Bishop as Foreign Affairs minister and the only woman in the cabinet, Tony Abbott has been widely criticised over his equal-opportunities credentials.
The transforming of ministerial titles and the dropping of previously core portfolios such as science – which he says will be “largely” the responsibility of the industry minister Ian Macfarlane – has caused consternation in some circles.
As Assistant Treasurer, Senator Sinodinos’ responsibilities will include overseeing Australia’s $1.6 trillion superannuation industry.
His appointment has been welcomed by the industry. John Brogden, chief executive of the Financial Services Council, told reporters: “As a former Treasury economist and chief of staff to John Howard, Arthur Sinodinos has unparalleled experienced for the role.”
Some super industry leaders have suggested Senator Sinodinos’ appointment could be a signal the Abbott government has little interest in superannuation reform, despite a recent announcement by ASIC – the Australian Securities and Investments Commission – that the regulatory body is experiencing increasing reports of misconduct related to aggressive marketing of investments through self managed super funds.