The minister for financial services and member for Whitlam said in a statement he will not be standing for re-election after 15 years as a Labor MP.

He gave no reason for his resignation, which comes just days before parliament resumes sitting for 2025.

“I want to express my immense gratitude to my community for the faith and trust they have placed in me to be their representative since 2010,” Jones said today.

“I want to thank the members of the Australian Labor Party, whose values I hold dear and have always attempted to advance in my role as a Member of Parliament, Shadow Minister and Minister.”

“I want to thank the Prime Minister for his friendship and support over many decades and for the trust he has placed in me to be the Assistant Treasurer and Minister for Financial Services in his government,” Jones continued.

“To my family and friends, whose love and support has enabled me to represent our great community with the dedication it deserves, I thank you wholeheartedly. 

“And to all the staff that have worked with and supported me over the last 15 years, there is a long list of accomplishments we have achieved both for the electorate of Whitlam and in my role as Minister, and I couldn’t have done it without you.”

Jones said he was proud of his role in the 2017 same-sex marriage plebiscite, the rollout of NBN and his work on gambling ad reform.

“This great community deserves a representative who will continue to fight for the things that matter” he added.

“I know Labor will choose a candidate that will do just that.”

Treasurer Jim Chalmers acknowledged Jones’ resignation and described him as a “terrific colleague” who will leave behind a “proud legacy”.

Jones’ announcement marks the fourth departure in the Labor government as Australia inches towards a federal election.

Jones joined the House of Representatives in 2010 following a career as a disability and support worker and a lawyer for the Australian Council of Trade Unions.