Reflections on a political career

It was announced this month Bill Shorten would be stepping down from his position as a member of the House of Representatives. A decision like this often prompts reflections on the individual’s career so I thought I’d join this chorus. However, unlike the platitude-only assessments this habit usually triggers, I’m going to throw a few brickbats as well as bouquets I feel the Member for Maribyrnong has earned.

His role is significant as he was the first financial services minister and politician with whom I had direct contact when I began covering the SMSF sector.

Let’s start with some of his less glorious moments. I first encountered Shorten at a Selfmanaged Independent Superannuation Funds Association event where he was outlining the government’s position on SMSFs and speaking alongside his Liberal Party counterpart, Mathias Cormann.

I remember noting never before seeing a politician with such poor body language during a presentation. Why? Because for a lot of the time he was at the lectern, and especially when he was taking delegate questions, he had his chin resting in the palm of his hand as if to reflect on the chore of having to be there.

Next came his appearance at the SMSF Association National Conference, I think in 2011, held in Brisbane that year. Of course, the media was told he would be attending and addressing conference attendees shortly after the formal sessions had ended for the day. As such, all journalists in attendance were prepared for his appearance to see if he would reveal any nuggets of policy information.

But alas his arrival was delayed, delayed and then delayed again. By the time he got to the event, the networking function was well underway – hardly an ideal situation for a politician to engage with their audience.

His speech took on further farcical proportions as he had to deliver it on what could be described as a maintenance walkway above the exhibition hall. Proof of how badly the exercise unfolded was evidenced by the reaction of some of the delegates.

The function had a casino theme and a good number of practitioners were playing blackjack and just continued on with their games throughout Shorten’s speech.

I suppose if you treat an audience with perceived disrespect, you’ll get it back in spades.

Now to the positive side and really one initiative in particular of which the current government should sit up and take note.

While in office, Shorten introduced the limited licensing regime for accountants wanting to provide restricted financial advice. Now we all know the initiative didn’t work out, but I don’t think poor execution should prevent us from recognising the spirit of what he was trying to achieve.

I remember when the policy was announced, Shorten claimed it would mean an additional 10,000 accountants would be in a position to provide financial advice – a good result if achievable, I thought.

Fast forward to the current day and we’re seeing shrinking adviser numbers and the implementation of the Quality of Advice Review recommendations. I’m of the firm belief accountants are the critical element to release more advisers into the industry and enable the delivery of advice to more Australians. But the review has categorically ignored the important role these professionals can play here. It would have been nice if the review had taken a leaf out of Shorten’s book to enable greater industry participation from the accounting community. In encouraging this approach, originally, I think the Member for Maribyrnong should be applauded in the assessment of his parliamentary achievements.

From the editor - Darin Tyson-Chan

INAUGURAL SMSF ASSOCIATION TRADE MEDIA JOURNALIST OF THE YEAR