NSW MP Stephen Jones has been named Shadow Assistant Treasurer and Shadow Minister for Financial Services in the federal ALP’s shadow cabinet under new Opposition Leader Anthony Albanese.

The former Shadow Minister for Regional Services, Local Government, Territories & Regional Communications replaces Clare O’Neil, who remains on the Opposition frontbench with responsibility for Innovation, Technology and the Future of Work.

Mr Jones will be deputy to Queensland MP Jim Chalmers, who has been appointed Shadow Treasurer. He replaces Chris Bowen, who has been given the health portfolio.

Mr Jones wrote on Twitter that his priorities would encompass “ensuring the economy is working for the benefit of all Australians and the recommendations of the [Hayne royal commission] are implemented”.

Senator Murray Watt is the Shadow Minister for Northern Australia, Natural Disasters and Emergency Management.