Assistant Treasurer and Financial Services Minister, Stephen Jones, has announced he will step down from the ministry when the federal election is called.
In a statement on 30 January, Jones announced that he will not stand for re-election as the member for Whitlam.
“I want to express my immense gratitude to my community for the faith and trust they have placed in me to be their representative since 2010,” Jones said.
“I want to thank the members of the Australian Labor Party, whose values I hold dear and have always attempted to advance in my role as a Member of Parliament, Shadow Minister and Minister.
“I want to thank the Prime Minister for his friendship and support over many decades and for the trust he has placed in me to be the Assistant Treasurer and Minister for Financial Services in his government.
“To my family and friends, whose love and support has enabled me to represent our great community with the dedication it deserves, I thank you wholeheartedly.
“And to all the staff that have worked with and supported me over the last 15 years, there is a long list of accomplishments we have achieved both for the electorate of Whitlam and in my role as Minister, and I couldn’t have done it without you.”
Reflecting on his time in Parliament, the minister said he was proud of his role in a number of measures.
“I am proud of the role I played in progressing marriage equality and gambling ad reform in my early years. I am also proud of the work we have done to secure the future of our steel industry, to rebuild TAFE and as Assistant Treasurer, fighting scams, protecting workers superannuation, making financial advice more accessible and affordable, and strengthening consumer protections for all Australians,” the minister said.
“This great community deserves a representative who will continue to fight for the things that matter. A well-funded TAFE system, a future for manufacturing, cheaper childcare, restoring Medicare, affordable housing, and better infrastructure for our growing suburbs.
“I know Labor will choose a candidate that will do just that.”
Commenting on his departure, Financial Services Council (FSC) chief executive Blake Briggs, said: “The FSC commends Stephen Jones for his hard work and dedication to the financial services industry. The financial services industry has appreciated his collaborative and open approach when working with the industry over the past five years, as both the Assistant Treasurer and as opposition spokesperson.
“The Assistant Treasurer can rightly point to a number of successes in his portfolio, and the industry lauds his efforts in ensuring financial advice reform remained on the government’s agenda, legislating the first tranche of its response to the Levy review.
“We wish him the best of luck in his future endeavors.”
While Prime Minister Anthony Albanese has yet to call the election, it must be held on 17 May at the latest. There has been wide speculation that the date will likely fall on 12 April to avoid conflicting with the Western Australia state election on 8 March.
Following strong CPI results on Wednesday, a range of economists revised their expectations for an interest rate cut in February, and possibly a second at the RBA’s April meeting, bolstering the case for an April election.
Jones was first elected to Parliament in 2010 and was appointed as shadow financial services minister and shadow assistant treasurer in June 2019 before taking on the minister role following Labor’s victory at the 2022 election.
There had previously been speculation surrounding Jones’ survival as minister during a cabinet reshuffle in July 2024, which eventually saw just one change in the Treasury portfolio.
Clare O’Neil, who had been the subject of significant criticism in her previous role of home affairs minister, took over as Minister for Housing and Homelessness, replacing Julie Collins, who is now Minister for Agriculture, Fisheries and Forestry, and continues as Minister for Small Business.
However, Jones, himself a target of broad criticism from the advice sector over the rollout of the Delivering Better Financial Outcomes (DBFO) reforms and the growing levies on the profession, had avoided the shrapnel.
Jones is also the fourth member of the Albanese ministry to retire during this term, following Bill Shorten, Linda Burney and Brendan O’Connor.
Glad to see the back of you Steve.
You made financial more expensive, not more affordable as you claim, and presided over the ongoing CSLR debacle.
You have been net negative for financial services.
Your complete inaction on so many fronts is now telling as you must have your eye on the door for some time.
See Ya and don’t come back.