Monday 14 September

Port Douglas to question Nick Sherry on school spending

Federal spending on infrastructure, which includes some controversial hiccoughs over school spending, is a hot political topic at the present time.   Nick Sherry Assistant Federal Treasurer coming to town as a guest speaker at the Port Douglas Chamber of Commerce Luncheon and AGM.  It is expected that Nick would be willing to take some questions after his prepared talk so this would be your opportunity to ask him in person what the Government plans to do to remedy some of the enigmas that have emerged during this latest round of federal spending spree. 

We have also put together a short biography at the end of this article for your interest to give you an overview of Nick Sherry, the man and his career.

The lunch and guest speaker will conclude at 2pm and will be followed by the AGM.  The formal portion of the AGM will be kept as brief as possible by distributing the annual report to members prior to the AGM.

The price for this lunch will remain unchanged at $45 per person for paid-up members and $55 for non-members.

After the formal part of the AGM the new committee would be available for feedback and discussion.  Community members interested in furthering the business interests of Port Douglas are encouraged to join the Chamber and seek election to the committee.

All committee positions will be declared vacant and elections for the 2009/2010 committee will take place.  Members are encouraged to nominate for the committee.  Non-members are welcome to stay for the AGM but only members can vote.

The support of the business community is essential if the Chamber is to remain an important voice on Port Douglas matters.  Membership applications will be available at the lunch.

Attached is the invitation to the AGM and lunch with guest speaker Nick Sherry Assistant Federal Treasurer on 22 September 2009. Just click on the link below to access.

Details are also on  Chamber web site www.portdouglaschamber.com.au

Nick Sherry - Short Biography

He was born 19.11.1955, Kingston-on-Thames, London, UK but grew up in Hobart, Tasmania.  He holds a Bachelor of Arts with majors in Political Science and Administration.  He has been a member of the Australian Senate for the state of Tasmania since July 1990.

Sherry was sworn in as the Assistant Treasurer on 9 June 2009, after serving as the first Australian Minister for Superannuation and Corporate Law. Sherry is the first Assistant Treasurer from Tasmania.

He started his working life as a night cashier and auditor at the Wrest Point Hotel and Casino in Hobart. While working at the Casino, Sherry joined the Federated Liquor and Allied Industries Union and became State Secretary of the then Federated Liquor and Allied Industries Employees Union (FLAIEU) between 1979 and 1990. In 1992 FLAIEU amalgamated with another union to form the present day Liquor Hospitality and Miscellaneous Union (LHMU).

While State Secretary, Sherry also helped establish the HostPlus Superannuation Fund, an industry superannuation fund then only for hospitality industry workers, but now a full public offer fund with over $7 billion under management. Sherry held the position of Trustee of HostPlus from 1987-1990 and was also a trustee, manager, and company secretary of ClubPlus Superannuation fund. Sherry held positions on the State Executive of the Tasmanian Trades and Labor Council from 1988-1990 and was President from 1988-1990.

He chaired the Senate Select Committee on Superannuation in the Hawke and Keating Governments and was later Deputy Chair of Senate Select Committee on Superannuation and Financial Services for 6 years.

As Australia’s first ever 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 formation of the Review into the Governance, Efficiency and Structure and Operation of Australia’s Superannuation System, also known as the Cooper Review, after its head Mr Jeremy Cooper. The Cooper Review is 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.

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 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 include 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.

As Assistant Treasurer Sherry assists the Treasurer in the development, implementation and administration of policies in the Treasury portfolio, including a specific focus on taxation, tax design and the upcoming 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.

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

Nick Sherry's own website lists his personal interests as golf, history, following his local Tasmanian footy team, The Forth from the North Western Football League and Geelong AFL Football Club and superannuation.