"Stephen Jones, Labor Party Member of Parliament, to Retire from Politics"

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Stephen Jones has announced his retirement from politics.
Jones is the assistant treasurer and minister for financial services.
He is the fourth Labor minister to step down from politics before the federal election.

Stephen Jones, the assistant treasurer and minister for financial services, has announced his retirement from politics.

Jones has held the seat of Whitlam on the NSW south coast since 2010.

The Labor frontbencher said he is unclear on what he will do next but, at the request of the prime minister, will stay on in his portfolios until the federal election, where he will not contest his seat.

He thanked his family, the Illawarra community and his good friend, Prime Minister Anthony Albanese, for placing “faith” in him to get the job done.

“It’s the toughest job and the best job that I have ever had, and it has been an enormous honour,” he told reporters on Thursday morning.

Jones remained tight-lipped on what drove the decision, stating it was time to do “something else” after a lengthy 15-year term.

He is the fourth Labor minister to step down from politics before the election, alongside Linda Burney, Brendan O’Connor, and Bill Shorten.

With parliament resuming next week, Jones said he looked forward to getting his Scam Prevention Framework across the line.

“My job is not done, I’ve got some work to do, get legislation through parliament,” he said.

Stephen Jones in a grey suit, blue shirt and red tie.

Stephen Jones highlighted gambling reform and standing up for marriage equality as among his prouest moments in parliament. Source: AAP / Mick Tsikas

Jones is also known for his work on , ensuring providers do credit line checks and adhere to minimum standards and hardship requirements.

Pressed on his proudest moments, the 59-year-old highlighted standing up for marriage equality and gambling reform, shying away from talks of legacy.

“It would be truly great to have a legacy, but the rest of us we are custodians, we do our best and we make sure the system we inherited is looked after and improved along the way,” he said.

“And that is where I’ve put myself and it has been one of the great honours of my life to have been the member for this amazing area and a minister in this fantastic government.”

He ended the press conference with a plea to the Australian people ahead of the upcoming election.

“Australia’s got to have a big story … there’s got to be a place in there for everyone.

“We don’t want to have a prime minister and government that goes down the route of saying, my path to government is by dividing Australians and saying to some Australians there’s no place in the national conversation for you.”

Urging voters not to choose division, Jones said: “I think we’re better than that.”