Frontbencher Stephen Jones confirms retirement at the next election

Anthony Albanese will lose another minister at this year’s federal election after an MP with 15 years’ experience in parliament confirmed his retirement.

Anthony Albanese has lost another minister, with Assistant Treasurer and Financial Services Minister Stephen Jones confirming that he will retire at this year’s federal election.

Confirming his imminent departure from his electoral office in the regional NSW city of Shellharbour, Mr Jones said “15 years is a long time,” adding that he had yet to decide his next steps.

While Mr Jones will remain in his portfolios until the election, Mr Jones follows a long list of notable Labor ministers who have recently departed parliament.

Assistant Treasurer Stephen Jones is retiring. Picture: NewsWire / John Appleyard

This includes cabinet ministers Linda Burney and Brendan O’Connor who have all announced their retirements, with Bill Shorten already leaving parliament to take on a Vice Chancellor role at the University of Canberra.

In a statement shared on Thursday morning, Mr Jones shared his “immense gratitude” to the community, staff and the Labor Party.

“After 15 years and five elections, I am announcing that I won’t be standing for re-election as the member for Whitlam,” he said.

“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.

“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.”

Mr Jones thanked his family for their support, and made the announcement alongside his wife, Brooke.

He also thanked the Prime Minister for his “friendship and support over many decades” and said he was “proud of the role” he 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,” he 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.”

Jones’ departure stokes election speculation

Mr Jones’ departure also takes place just months before a yet-to-be-announced federal election which must be held on or by May 17.

Speculation is growing that the election could be held in April, especially if the Reserve Bank cuts the official cash rate at its February meeting following better-than-expected inflation data on Wednesday.

Mr Albanese faces an uphill battle to win a second term, as Australians struggling under cost-of-living pressures turn away from him.

Prime Minister Anthony Albanese has been coy on the election date. Picture: NewsWire / Martin Ollman

The most recent Newspoll released on Monday showed a majority of Australians are expecting the Coalition to win the election.

The survey, conducted by The Australian, also found the Coalition was again leading the incumbent Labor by a margin of 51-49 on a two-party preferred.

Asked what party would win if an election was held in the next 12 months, only 47 per cent of respondents said Labor would govern on its own or with minor party support. By contrast, 53 per cent of people involved in the poll said the Liberal-Nationals coalition would be the likely winners, though most said they would also need support.

The seat of Whitlam, held by Mr Jones, is relatively safe with a margin of about 8 per cent

Mr Jones, 59, was first elected to federal parliament at the 2010 election for the Wollongong-based seat of Throsby. Following a redistribution in 2016, he has been the MP for Whitlam.

He has been on Mr Albanese’s front bench since Labor won the 2022 election.

His responsibilities have included government policy for superannuation, scams and charities.

Jim Chalmers said it had been a “privilege” to work with Mr Jones in the treasury portfolio.

“Stephen has big ideas, makes big contributions and is a terrific colleague,” he said.

“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.”