Senior Labor minister Stephen Jones is retiring from politics, marking the fourth cabinet minister to call it quits.

Mr Jones, the Assistant Treasurer and Financial Services Minister, announced on Thursday he will not contest his NSW seat of Whitlam at the upcoming federal election, ending his 15 years in parliament. 

In a statement, he expressed his 'immense gratitude' to his local community before thanking his staff and the Labor Party.

'After 15 years and five elections, I am announcing that I won't be standing for re-election as the member for Whitlam,' he said.

'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.'

Mr Jones personally thanked the Prime Minister for 'his friendship and support over many decades' and said he was 'proud' of the part he played in 'progressing marriage equality and gambling ad reform in my early years'.

'I am also proud of the work we have done to secure the future of our steel industry, to rebuild TAFE and as assistant treasurer, fighting scams, protecting workers superannuation, making financial advice more accessible and affordable, and strengthening consumer protections for all Australians,' Mr Jones added. 

'This great community deserves a representative who will continue to fight for the things that matter – a well-funded TAFE system, a future for manufacturing, cheaper childcare, restoring Medicare, affordable housing, and better infrastructure for our growing suburbs.'

He gave an impassioned speech about his son Paddy in the debate over transgender children in February 2022, telling the House of Representatives that he feared for his son's safety.

'I worry myself sick every time he leaves the house. I think to myself, "You look beautiful, but do you have to go out looking like that?",' he said.

'I know that the love and protection that he enjoys with his mother and his friends and his family is very different to the reception that he may receive in the outside world.' 

Treasurer Jim Chalmers paid tribute to his 'friend', who he said had 'big ideas, makes big contributions and is a terrific colleague'.  

'He will leave a proud legacy as Assistant Treasurer and Minister for Financial Services, having advanced reforms to strengthen Australia’s superannuation and financial systems, modernise markets and improve the integrity of our tax system,' Mr Chalmers said. 

'He has delivered reforms that will allow more Australians to retire with dignity, and has helped make financial advice more accessible.

'Stephen championed and delivered consumer protections from predatory lending and has better regulated Buy Now, Pay Later providers.

'He played an important role finalising the response to the Banking Royal Commission, and has led critical work to combat scams, including the introduction of landmark legislation.'

Mr Jones' departure marks the fourth cabinet minister to announce their retirement this term.

The Prime Minister has already lost NDIS Minister Bill Shorten, Minister for Indigenous Affairs Linda Burney and Minister for Skills and Training Brendan O’Connor.