‘In the race of life always back self interest, at least you know it is trying’, former PM Paul Keating immortalised this quote from his mentor NSW Premier Jack Lang [1876 – 1975] during his political tenure and it certainly applies to the recent victory by the Albanese Government.
During Jack Lang’s first stint as NSW Premier in 1925 it applied and now 100 years later it is of equal significance. PM Albanese is a highly experienced career Politician who exploited this fundamental human emotion to perfection, whereas Dutton fumbled from policy disaster to policy disaster within a divided Liberal party room.
The Coalition will be in Opposition for at least 2 terms unless the ALP do not apply plenty of hubris to their management style going forward. The recent removal of senior Cabinet members Husic and Dreyfus sends a clear message that the ‘Boss’ will not tolerate misbehaviour of any description and/or he rules with an iron fist; PM Albanese is the standout for this role to maintain stability.
The AIOFP is pleased that the ALP has a majority without relying upon the Greens or Teals to govern. Based on the generally poor performance of former Minister Jones over the last 3 years and the acknowledgement from the Liberals that they had treated our Profession poorly and prepared to amend policy, we favoured the Liberals position leading into the election. We should not forget however that it was the Liberals who put in place LIF/FASEA/Grandfathered ban in the first place.
Like the 2022 Election where Frydenberg lost the seat of Kooyong to the Teals and we assisted with encouraging the 280 Financial Advisers and their clients in the electorate to put Frydenberg last on the ballot, we assisted Tim Wilson in the seat of Goldstein to defeat ABC lefty Zoe Daniel. The decision to support Tim was not a ALP vs Liberal thing, it was about having quality Politicians in Canberra. The Teals are now even more irrelevant and Tim, with his Economics background is a good chance to be the Shadow Minister.
We conducted a fund-raising lunch for Tim and encouraged 160 Financial Advisers and their clients in the Goldstein electorate to put the Teal last on the ballot. The Professions takeaway from this is the power we can have in marginal seats and the more educated and engaged your clients are going forward with policy that directly affects them, the more notice Canberra will take.
We now wait the announcement on our new Minister, PM Albanese has a well-deserved strangle hold on all Cabinet decisions, plenty of rumours but only he knows at this point in time.
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
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