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The Financial Services Minister and Assistant Treasurer has announced that he will step down from his role at the next election.
Stephen Jones MP, Assistant Treasurer, Minister for Financial Services, and member for Whitlam, has revealed that he won’t be standing for re‑election as the member for Whitlam when the federal election is called. (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 Australian state election on 8 March.)
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In a statement on Thursday morning (30 January), Jones announced he be would stepping down after serving in politics for 15 years and across five elections.
“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.”
The reason for his decision has not been disclosed, but it is believed that he will be seeking a career outside of politics.
In a media briefing, he said: “I have just reached this stage in my life where it is time to do something else. I don’t know what it is yet. I actually do want my weekends back.”
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.”
Treasurer Jim Chalmers paid tribute to Stephen Jones following the announcement that he would not be contesting the next election, stating: "I’ve had the privilege of working with Stephen in the Treasury portfolio for almost six years; nearly half of that time as Ministers in the Albanese Labor Government.
"Stephen has big ideas, makes big contributions and is a terrific colleague.
"He will leave a proud legacy as Assistant Treasurer and Minister for Financial Services, having advanced reforms to strengthen Australia’s superannuation and financial systems, modernise markets and improve the integrity of our tax system.
"He has delivered reforms that will allow more Australians to retire with dignity, and has helped make financial advice more accessible.
"Stephen championed and delivered consumer protections from predatory lending and has better regulated Buy Now, Pay Later providers.
"He played an important role finalising the response to the Banking Royal Commission, and has led critical work to combat scams, including the introduction of landmark legislation.
"I’m looking forward to continuing to serve with Stephen until the 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.
He had been a champion of the broker channel, actively engaging with members of the broking community on remuneration and to understand the impacts of clawback.
In November 2024, Jones addressed the national conference for the Finance Brokers Association of Australasia, where he flagged the importance of broker feedback to ensure the financial services sector delivers the best outcomes for consumers and to help consumers access home loans.
The Financial Services Minister has also been an active voice in the progression of open banking, including the ‘reset’ of the Consumer Data Right.
Jones is the fourth member of the Albanese ministry to retire during this term, following Bill Shorten, Linda Burney, and Brendan O’Connor.
[Related: Treasury keen to engage with brokers: Stephen Jones]
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