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Regulatory

Financial services minister Stephen Jones to retire from politics

Labor frontbencher, assistant treasurer and minister for financial services Stephen Jones is retiring from politics and will not contest the upcoming federal election.

Jones spent 15 years as the member for Whitlam - covering Illawarra and the Southern Highlands.

In a statement, he expressed "immense gratitude" to his community and members of the Labor Party, "whose values I hold dear."

Jones also thanked Prime Minister Anthony Albanese for his support, as well as his family, friends, and the staff he's worked with.

Labor is yet to select a candidate to replace him, but he said the community deserves a representative "who'll continue to fight for the things that matter."

He cited a well-funded TAFE system, a future for manufacturing, cheaper childcare, restoring Medicare, affordable housing, and better infrastructure for growing suburbs.

Jones said he was proud of his role in advancing marriage equality and gambling advertising reform.

He also highlighted efforts to "secure the future of our steel industry" and to "rebuild TAFE."

More recently, as assistant treasurer, he pointed to his work on combatting scams, protecting workers' superannuation, making financial advice more accessible and affordable, and strengthening consumer protections.

The Association of Superannuation Funds of Australia (ASFA) acknowledged Jones' contributions, describing him as "a dedicated advocate for the superannuation community."

ASFA chief executive Mary Delahunty said the superannuation sector particularly recognised the past three years of his tenure as a "transformative period of reform."

ASFA highlighted key reforms, including increasing the Superannuation Guarantee to 12%, providing superannuation on top of government-provided paid parental leave, progress towards payday super, steps to improve access to more affordable and accessible financial advice, and enshrining the objective of superannuation into legislation.

"Minister Jones has been a true partner to the superannuation community, always willing to roll up his sleeves and engage with the complexities of the system. His commitment to collaboration and meaningful change has make a real difference for millions for Australians for generations to come," Delahunty said.

"We are immensely grateful for his leadership to help deliver better outcomes for all Australians."

The Financial Services Council (FSC) also commended Jones for his hard work and dedication to the financial services industry.

FSC chief executive Blake Briggs said 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," Briggs said.

Likewise, the Super Members Council (SMC) thanked Jones for his service and noted his work in championing payday super financial advice reforms.

"Minister Jones has pursued major super policy reforms that advance the interests of millions of everyday Australians," SMC chief executive Misha Schubert said.

"Millions of Australians will have stronger retirements - and more money to live on - because of payday super reforms and the push to make quality financial advice more affordable and accessible."

Read more: SuperannuationFinancial servicesFinancial adviceASFAStephen JonesAnthony AlbaneseBlake BriggsFinancial Services CouncilLabor PartyMary Delahunty