Nick Sherry - Rudd Government

Rudd Government

On 3 December 2007 Sherry was appointed Minister for Superannuation and Corporate Law in the Labor Government of Kevin Rudd.

As Australia’s first Minister for Superannuation, Sherry spoke often about the need to lower fees in the industry to provide better retirement incomes for Australians. This culminated in the Minister setting up the Review into the Governance, Efficiency and Structure and Operation of Australia’s Superannuation System, also known as the Cooper Review, after its head Jeremy Cooper. The Cooper Review was the first systemic, in-depth review of the operation, efficiency, cost and performance of Australia’s compulsory $1.1 trillion the superannuation system ever conducted. The Gillard Government released the Cooper Review on 5 July 2010.

As Minister for Corporate Law, Sherry held responsibility for the Australian Securities and Investments Commission (ASIC), and oversight of the Australian stock market, during the most serious global financial crisis in 75 years. During the global financial crisis Minister Sherry implemented a range of measures aimed at stabilising aspects of the regulatory system and enhancing the oversight of key market participants. These measures included a legislative ban on naked short selling, improved regulation and disclosure of covered short selling, the introduction of oversight and compliance arrangements for credit rating agencies and the transition of the remaining financial and consumer credit services from the Australian states and territories to the Federal Government.

Sherry also drove key reforms in the provision of financial advice to superannuation members that now enable funds to provide general financial advice.

Sherry also signed several financial services mutual recognition agreements with key Australian partners, including the United States and New Zealand.

Sherry held the portfolio of Minister for Superannuation and Corporate Law until 9 June 2009, at which point he was promoted to Assistant Treasurer.

As Assistant Treasurer Sherry assisted the Treasurer in the development, implementation and administration of policies in the Treasury portfolio, including a specific focus on taxation, tax design and the national tax reform program (known as Australia’s Future Tax System review, or the Henry Review), foreign investment matters, productivity reform issues, international economic regulation, international mutual recognition arrangements and global accounting standards.

He established the national Tax Practitioners Board and significantly reformed our Managed Investment Trust law and GST (Goods and Services Tax) administration arrangements.

Sherry also sat on Cabinet’s Expenditure Review Committee responsible for the management of Australia’s national annual Budget and also had responsibility for the Productivity Commission, the Australian Bureau of Statistics, the Royal Australian Mint and the Board of Taxation.