Nick Sherry
Encyclopedia
Nicholas John Sherry Australian politician, has been a member of the Australian Senate
for the state of Tasmania
since July 1990, representing the Australian Labor Party
. 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.
, England. His father, Ray Sherry
, was a Labor member of the House of Representatives
for the seat of Franklin
1969–75. He was educated at the University of Tasmania
, where he graduated with a Bachelor of Arts in Political Science and Administration. Sherry was also active in the student union while at university, sitting on the Tasmanian University Union and various business committees from 1976–1979.
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.
During his time as State Secretary, Sherry held a number of positions including Board Member at the College of Hospitality, Board Member of the Hospitality Group Training and Board Member of Employment and Skills Formation Council.
in 1990, Sherry was Parliamentary Secretary to the Minister for Primary Industries and Energy between 1993 and 1996 in the Labor Government of Prime Minister Paul Keating
(1991–96).
In October 1997, however, he was accused of improper use of his Parliamentary travel allowance. Although he was later cleared of these allegations, it caused significant distress and he attempted suicide. He was later diagnosed with clinical depression. His suicide attempt again gained media attention after Greg Wilton
became the first Australian Federal Parliamentarian to take his own life, in June 2000. At the time Sherry was open about his own experiences with depression from which he recovered in 1999.
Sherry took time away from the Shadow Ministry, but returned to the frontbench in 2001 as Shadow Minister for Retirement Incomes and Savings, a position he held until 2004. In 2004 Sherry was appointed as the Shadow Minister for Finance and Superannuation and in 2005 he was appointed as the Shadow Minister for Superannuation and Intergenerational Finance and Shadow Minister for Banking and Financial Services, positions he held until the 2007 election.
Sherry has also participated on the Senate Legislative and General Purpose Committees for Employment, Education and Training, Rural and Regional Affairs, Economics Legislation Committee and the Finance and Public Administration Committees.
From 1991 to 2003, Sherry was a key member of, and under Labor chaired, the Senate Select Committee on Superannuation. This committee made a number of recommendations on the performance of the superannuation industry including the key Senate breakthrough that led to the introduction of the Compulsory Superannuation Guarantee system.
in the Labor Government of Prime Minister Kevin Rudd
.
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 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 Mr 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 of Australia.
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.
s and superannuation.
Australian Senate
The Senate is the upper house of the bicameral Parliament of Australia, the lower house being the House of Representatives. Senators are popularly elected under a system of proportional representation. Senators are elected for a term that is usually six years; after a double dissolution, however,...
for the state of Tasmania
Tasmania
Tasmania is an Australian island and state. It is south of the continent, separated by Bass Strait. The state includes the island of Tasmania—the 26th largest island in the world—and the surrounding islands. The state has a population of 507,626 , of whom almost half reside in the greater Hobart...
since July 1990, representing the Australian Labor Party
Australian Labor Party
The Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
. 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.
Early life
Sherry was born in Kingston upon ThamesKingston upon Thames
Kingston upon Thames is the principal settlement of the Royal Borough of Kingston upon Thames in southwest London. It was the ancient market town where Saxon kings were crowned and is now a suburb situated south west of Charing Cross. It is one of the major metropolitan centres identified in the...
, England. His father, Ray Sherry
Ray Sherry
Raymond Henry "Ray" Sherry was an Australian politician. Born in Sydney, he was educated there at state schools. He spent 1941-1946 with the merchant navy before becoming an actor, television broadcaster and commentator, moving to Hobart in 1956...
, was a Labor member of the House of Representatives
Australian House of Representatives
The House of Representatives is one of the two houses of the Parliament of Australia; it is the lower house; the upper house is the Senate. Members of Parliament serve for terms of approximately three years....
for the seat of Franklin
Division of Franklin
The Division of Franklin is an Australian Electoral Division in Tasmania. The division was created in 1903 and is named for Sir John Franklin, the polar explorer who was Lt Governor of Van Diemen's Land 1843-46. It is located in southern Tasmania, including the Hobart suburbs of Bridgewater,...
1969–75. He was educated at the University of Tasmania
University of Tasmania
The University of Tasmania is a medium-sized public Australian university based in Tasmania, Australia. Officially founded on 1 January 1890, it was the fourth university to be established in nineteenth-century Australia...
, where he graduated with a Bachelor of Arts in Political Science and Administration. Sherry was also active in the student union while at university, sitting on the Tasmanian University Union and various business committees from 1976–1979.
Union involvement
Sherry started his working life as a night cashier and auditor at the Wrest Point Hotel and Casino in Hobart. While working at Wrest Point, Sherry joined the Federated Liquor and Allied Industries Union and became State Secretary of the then FLAIEU between 1979 and 1990. In 1992, the 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.
During his time as State Secretary, Sherry held a number of positions including Board Member at the College of Hospitality, Board Member of the Hospitality Group Training and Board Member of Employment and Skills Formation Council.
Entry into politics and the Keating Government
Elected to the SenateAustralian Senate
The Senate is the upper house of the bicameral Parliament of Australia, the lower house being the House of Representatives. Senators are popularly elected under a system of proportional representation. Senators are elected for a term that is usually six years; after a double dissolution, however,...
in 1990, Sherry was Parliamentary Secretary to the Minister for Primary Industries and Energy between 1993 and 1996 in the Labor Government of Prime Minister Paul Keating
Paul Keating
Paul John Keating was the 24th Prime Minister of Australia, serving from 1991 to 1996. Keating was elected as the federal Labor member for Blaxland in 1969 and came to prominence as the reformist treasurer of the Hawke Labor government, which came to power at the 1983 election...
(1991–96).
Shadow Ministry and opposition
After the defeat of the Keating government, Sherry was elected Deputy Leader of the Opposition in the Senate and held many positions in the front bench including Shadow Minister for Finance and Shadow Assistant Treasurer. He also held Shadow Ministries for financial services, banking, superannuation, business regulation, consumer affairs and intergenerational finance.In October 1997, however, he was accused of improper use of his Parliamentary travel allowance. Although he was later cleared of these allegations, it caused significant distress and he attempted suicide. He was later diagnosed with clinical depression. His suicide attempt again gained media attention after Greg Wilton
Greg Wilton
Gregory Stuart Wilton was an Australian politician. He was a member of the Australian House of Representatives, representing the Division of Isaacs, from 1996 until his suicide at the age of 44...
became the first Australian Federal Parliamentarian to take his own life, in June 2000. At the time Sherry was open about his own experiences with depression from which he recovered in 1999.
Sherry took time away from the Shadow Ministry, but returned to the frontbench in 2001 as Shadow Minister for Retirement Incomes and Savings, a position he held until 2004. In 2004 Sherry was appointed as the Shadow Minister for Finance and Superannuation and in 2005 he was appointed as the Shadow Minister for Superannuation and Intergenerational Finance and Shadow Minister for Banking and Financial Services, positions he held until the 2007 election.
Committee service
Sherry has participated on a number of Senate and Joint Parliamentary Committees during his time in Parliament. These include Senate Standing committees on Scrutiny of Bills, Appropriations and Staffing, Privileges and Regulations and Ordinances.Sherry has also participated on the Senate Legislative and General Purpose Committees for Employment, Education and Training, Rural and Regional Affairs, Economics Legislation Committee and the Finance and Public Administration Committees.
From 1991 to 2003, Sherry was a key member of, and under Labor chaired, the Senate Select Committee on Superannuation. This committee made a number of recommendations on the performance of the superannuation industry including the key Senate breakthrough that led to the introduction of the Compulsory Superannuation Guarantee system.
Rudd Government
On 3 December 2007 Sherry was appointed Minister for Superannuation and Corporate LawMinister for Superannuation and Corporate Law (Australia)
The Australian Minister for Financial Services and Superannuation is Bill Shorten, who was appointed on 14 September 2010 as part of a Cabinet reshuffle by Prime Minister Julia Gillard following the 2010 federal election....
in the Labor Government of Prime Minister Kevin Rudd
Kevin Rudd
Kevin Michael Rudd is an Australian politician who was the 26th Prime Minister of Australia from 2007 to 2010. He has been Minister for Foreign Affairs since 2010...
.
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 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 Mr 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
Australian Securities and Investments Commission
The Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
(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
Naked short selling
Naked short selling, or naked shorting, is the practice of short-selling a financial instrument without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame,...
, 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 of Australia.
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
Royal Australian Mint
The Royal Australian Mint is situated in the Australian federal capital city of Canberra, in the suburb of Deakin.Before the opening of the mint, Australian coins were struck at branches of the Royal Mint - the Sydney Mint, Melbourne Mint and Perth Mint. The Royal Australian Mint holds a place in...
and the Board of Taxation.
Gillard Government
Following the election of the Government of Prime Minister Julia Gillard, Sherry was appointed Minister for Small Business on 14 September 2010. He is also the Minister Assisting or Deregulation and Public Sector Superannuation and Minister Assisting on Tourism.Personal interests
Sherry's website lists his personal interests as golf, history, following the Forth and Geelong Football ClubGeelong Football Club
The Geelong Football Club, nicknamed The Cats, is a professional Australian rules football club, named after and based in the city of Geelong, playing in the Australian Football League . The club has been the VFL/AFL premiers nine times, with a record equalling 3 in the AFL era. Geelong has also...
s and superannuation.