Shadow Minister for Financial Services Kevin Hogan has welcomed the appointment of Therese McCarthy Hockey as Deputy Chair of the Australian Prudential Regulation Authority, while raising serious concerns over Labor’s appointment of the former Labor Assistant Treasurer David Bradbury.
“Therese McCarthy Hockey brings serious regulatory experience and a strong record in financial services. Her appointment is welcome,” Mr Hogan said.
“But David Bradbury’s appointment is a different story. This is exactly what Australians hate about Canberra.
“Another Labor insider. Another plum appointment. Another powerful job overseeing Australians’ money handed to someone from Labor’s own political network.”
“APRA is meant to be an independent watchdog. Its job is to keep the financial system safe and make sure banks, insurers, and superannuation funds are held to account.
“But Jim Chalmers has now appointed a former Labor minister whose role will be to oversee superannuation. This is a sector where Labor and big industry super have been joined at the hip for decades. To ordinary Australians that stinks.”
“Australians are forced to put part of every pay packet into super. They do not get a choice. They deserve absolute confidence that their retirement savings are being protected by a regulator that is tough, independent, and free from political interference.”
“For Mr Bradbury my test is simple: will he stand up to Labor’s mates in big super, or will he protect the club?”
Mr Bradbury was recently a partner at KPMG, which has been subject of severe criticism about their corporate governance.
“Australians are sick of the revolving door. All I ask of Mr Bradbury is simple: put Australians first, not Labor’s friends.”
“Labor recently teamed up with the Greens to ban anyone recently receiving funds from the Big 4 from being part of the technical boards that set accounting standards. Now they’re taking one of their own from being a KPMG partner to a deputy chair of APRA.”
“The Coalition will be watching closely. We will find out whether the ACTU made any representations about Mr Bradbury’s appointment.”
“We will hold Labor and APRA to account, and we will call out any sign that the regulator is going soft on big super, big consultants, or anyone else with the right political connections.”
“Australians deserve a watchdog with teeth, not another Labor lapdog.”
