Federal Treasurer Chris Bowen has taken over the financial services and superannuation portfolio in Prime Minister Kevin Rudd’s new leadership team.

Bill Shorten, who held responsibility for financial services from September 2010, will continue as Minister for Workplace Relations and will also cover education.

Assistant Treasurer David Bradbury also becomes Minister Assisting for Financial Services and Superannuation.

In other appointments, Penny Wong continues as Finance and Deregulation Minister and Jacinta Collins takes over the mental health and ageing portfolio.

Bernie Ripoll continues as Parliamentary Secretary to the Treasurer.