The newly formed government is putting the crucial financial services and superannuation areas in the hands of a 43-year-old 'faceless' man.

William 'Bill' Shorten's appointment as assistant treasurer and minister for superannuation and financial services sends a favorable message to the business and workers across the country. The lawyer has adequate years of experience on the board of the Victorian Funds Management Corporation and the Australian Super fund.

Shorten was elected to the House of Representatives as the Labor Member for Maribyrnong. Under Prime Minister-elect Kevin Rudd in 2009, the MBA degree holder from the University of Melbourne Business School became the Parliamentary Secretary for Disabilities and Children's Services.

The only area businessmen are apprehensive about is the fearless minister has no economic portfolio. Shorten, however, has fought for reductions in personal income tax rates in the past.

The minister's negotiating skills as a union leader earlier in his career will be called for when the labor Party begins talks to lift the compulsory Superannuation Contribution Guarantee (SCG) levy from its current rate of 9 percent to 12 percent beginning in July 2013.

Small businesses complained the changes will mean they would be paying for the higher SCG as an extra cost to the bottom line but without trade-offs. Shorten will also be facing complaints by many in the superannuation sector against Labor's current cap of $50,000 on voluntary contributions by older workers.