Prime Minister Anthony Albanese’s new ministry has been sworn into office, with Stephen Jones becoming Assistant Treasurer and Financial Services Minister.

Murray Watt has been appointed Emergency Management Minister, after holding responsibility for the area in a shadow capacity, while Chris Bowen becomes Climate Change and Energy Minister and Clare O’Neil Cyber Security Minister.

The Insurance Council of Australia says it looks forward to working with Mr Jones on the implementation of the Northern Australian Reinsurance Pool and other matters, and welcomes the elevated Cabinet focus on climate and cyber issues.

“There are no shortage of issues confronting ministers in portfolios that relate to insurance, and the ICA looks forward to continuing our work with those minsters we know well and those new to our areas of interest,” CEO Andrew Hall said last week

In other appointments, Katy Gallagher becomes Finance Minister and Jenny McAllister is Assistant Minister for Climate Change and Energy. Treasurer Jim Chalmers was earlier sworn in immediately after the election result.

Mr Albanese said last week that Federal Parliament would return in the last week of July.