Kelly O’Dwyer retained responsibility for financial services in last week’s Federal Cabinet reshuffle.

Her title has changed from assistant treasurer and minister for small business to Minister for Revenue and Financial Services.

Meanwhile, Jim Chalmers has been appointed Shadow Minister for Finance and Katy Gallagher is the new Shadow Minister for Small Business and Financial Services. Andrew Leigh remains Shadow Assistant Treasurer.

The Insurance Council of Australia (ICA) and National Insurance Brokers Association (NIBA) have welcomed her reappointment.

ICA CEO Rob Whelan says the group has worked closely and co-operatively with Ms O’Dwyer since she assumed responsibility for the sector last September.

“I am pleased to see continuity of ministerial responsibility in the financial services portfolio,” he said. “It is important to ensure progress can be made on key policy issues, including tax reform and insurance affordability.”

Mr Whelan says the industry wants the Government to focus on avoiding “unnecessary intervention in properly functioning markets” and to “renew the tax reform process to help state governments abolish their punitive, inefficient taxes on insurance products”.

NIBA CEO Dallas Booth says his group looks forward to working with Ms O’Dwyer on the comprehensive reform agenda touted earlier this year.

It includes regulation of commissions in life insurance, higher standards of education, ethics and professionalism in financial advice, greater powers for the Australian Securities and Investment Commission (ASIC) and implementation of recommendations from the Financial System Inquiry.

Mr Booth says industry funding of ASIC is “a key issue” for all areas of financial services, including insurance broking.