Shake-up in Labor shadow treasury ministry under Albanese

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Labor Leader Anthony Albanese has announced Labor’s new Shadow Ministry, including a shake-up of the Shadow Treasury positions.

Queensland MP Dr Jim Chalmers will replace Chris Bowen as Shadow Treasurer. Chalmers had been serving as the Shadow Minister for Finance. He was previously Shadow Minister for Financial Services and Superannuation, amongst other roles.

Chris Bowen becomes the Shadow Minister for Health.

ACT Senator Katy Gallagher will become Shadow Minister for Finance, in addition to Shadow Minister for the Public Service and Manager of Opposition Business in the Senate. Katy Gallagher was re-elected at the 2019 election, following a citizenship issue, and was previously the Shadow Minister for Small Business and Financial Services, amongst other roles.

NSW MP Stephen Jones becomes Shadow Assistant Treasurer and Shadow Minister for Financial Services. He has previously held non-Treasury Shadow Ministerial positions, and sat on the House of Representatives Standing Committees on Economics, and Tax and Revenue.

Dr Andrew Leigh had been serving as Shadow Assistant Treasurer, and has now been appointed Shadow Assistant Minister for Treasury, and for Charities.

Victorian MP Clare O’Neil had been serving as Shadow Minister for Financial Services, and will now be the Shadow Minister for Innovation, Technology and the Future of Work.

NSW MP Matt Thistlethwaite has been appointed Shadow Assistant Minister for Financial Services, and for the Republic. He has been a member of the House of Representatives Standing Committee on Economics since 2016.

Related: Superannuation to return to the Ministry post-election

Announcing the new Shadow Ministry, Albanese said: “I have today appointed a Labor frontbench with the talent and experience to hold the Morrison Government to account and develop a policy platform worthy of the support of Australians at the next election.”

“My team includes a blend of experienced former Government Ministers, as well as talented newcomers whose enthusiasm and fresh ideas will reinvigorate Labor over the next three years.”

Industry congratulates new Shadow Treasury team

The Financial Services Council has congratulated the new Shadow Treasury team. FSC CEO Sally Loane said the organisation looked forward to working with the new Shadow Ministers, in particular the new Shadow Minister for Financial Services Stephen Jones.

“We encourage the shadow ministry to broadly consult with industry and focus on policies which ensure better consumer outcomes and also grow the economy and jobs,” Loane said.

“We sincerely thank outgoing Shadow Treasurer Chris Bowen for his significant contribution to financial services and economic policy over many years.”

Meanwhile, the SMSF Association has said the Shadow Ministry shows a “genuine commitment to policy development”.

Association CEO John Maroney said: “A strong Shadow economic ministry is critically important at this junction considering the broad policy agenda that will result from implementing the recommendations of the Financial Services Royal Commission and the Productivity Commission on superannuation.

“It is also important as Labor aims to build new economic policies, to improve on existing policies and consult with industry as they develop a new program to take to the next election.”

Maroney said the Association is looking forward to working with Labor’s economic team to simplify the super system, legislating objectives for superannuation, and delivering quality retirement outcomes.

More to come.

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