Financial Services Minister Stephen Jones today announced he will not stand for re-election.

Mr Jones was appointed to the finance and Assistant Treasurer roles in mid-2022. He was first elected to federal parliament in 2010 and represents Whitlam in NSW.  

He said he is “proud of the work we have done ... making financial advice more accessible and affordable, and strengthening consumer protections for all Australians”.

National Insurance Brokers Association CEO Richard Klipin told insuranceNEWS.com.au Mr Jones has made a “very significant impact”.

“He has been an excellent minister and has served the portfolio with great distinction and capability, developed a deep understanding of the sector, both locally and globally, and has always been accessible and available,” he said.

“The NIBA community thanks Minister Jones for his service and we wish him well for his future endeavours.”

Financial Services Council CEO Blake Briggs commended the minister’s hard work and dedication, and said the industry has “appreciated his collaborative and open approach”.

“The industry lauds his efforts in ensuring financial advice reform remained on the government’s agenda,” Mr Briggs said.

Mr Jones joined an insurance industry delegation to Europe in 2023 to examine global reinsurers’ approaches to the local market and the impact on premiums. He said the trip was valuable and created a “team Australia” mentality between government and insurers.

In a recent magazine interview with Insurance News editor-in-chief John Deex, Mr Jones said the government’s relationship with the insurance industry was “very good” and “a mature one”.

“I’m not interested in engaging in populist politics on this stuff. I’m really interested in dealing with evidence-based policy and interventions that the government can make to get a real result, not a headline,” he said.

Mr Jones also said reducing risk was the “only enduring solution” on affordability and Australia must “stop doing dumb things” such as building on floodplains. He was “impatient” to see homeowners rewarded with lower premiums for mitigation efforts.

“It’s the price signal in reverse and it shows households that there is some value in doing things differently,” Mr Jones said. “We have got to get things moving.”

Treasurer Jim Chalmers said today that Mr Jones “has big ideas, makes big contributions and is a terrific colleague. He will leave a proud legacy.”

The next federal election will be held on or before May 17.