Assistant Treasurer Stephen Jones announces retirement from politics
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The news: Financial Services Minister and Assistant Treasurer Stephen Jones has announced he will not recontest the next election in a surprise retirement from Anthony Albanese's government.
The context: Jones is a veteran MP and member of Labor's NSW Left faction who is known to be a key loyalist of the prime minister.
Labor should be able to retain his seat of Whitlam, it holds on a margin of more than 10% and covers a large part of the southern Illawarra and NSW southern highlands.
Jones was last year given responsibility for overseeing the policy response to Facebook owner Meta's decision to pull out of publishing deals with Australian media outlets.
In December, Jones announced the News Bargaining Incentive, which will target tech firms with an annual turnover in excess of $250 million and is expected by the government to immediately capture Google, Meta and TikTok.
The policy aims to incentivise commercial deal-making by offering the tech giants offsets on the charge at a rate set to be determined through consultation set to kick off early this year.
What they said: "After 15 years and five elections, I am announcing that I won't be standing for re-election as the member for Whitlam," Jones said in a statement.
"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.
"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.
"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."
The source: Stephen Jones office
