I’m pleased to be the new Shadow Treasurer in Labor’s very strong frontbench team and I’m grateful to Anthony Albanese for the opportunity to serve in this key role.

Labor suffered a disappointing defeat last month, and now we need to rebuild, refresh and renew our economic policies for the future.

We know the economy needs to work for people, not against them. As it stands, too many Australians feel that no matter how hard they work they just can’t get ahead.

We will focus on building a new generation of broad-based growth and opportunity, by modernising the economy to create more and better jobs for Australians.

We will paint a positive vision which is forward-looking, outward-facing and upward-climbing; reclaiming Labor’s rightful place as the party of aspiration and the suburbs.

Among the many lies the Liberals told during the election campaign, none was more ridiculous than their claim to have done a good job managing the economy.

Scott Morrison’s economic record is defined by slowing growth, a per-capita recession, stagnant wages, job insecurity, flagging confidence, weak investment, and poor productivity growth.

The Liberals more than doubled net debt since they came to office, and gross debt crashed through half-a-trillion dollars for the first time in history on their watch.

Labor will vigorously and enthusiastically engage in the economic debate, to expose the Liberals’ record and to chart a better way forward for our people and economy.

I bring to this task three years’ experience as Shadow Minister for Finance, following frontbench responsibilities for financial services and superannuation. Before that, I worked in the trade, investment, resources and productivity portfolios, and spent more than five years first as a Principal Adviser then Chief of Staff to the Treasurer during the Global Financial Crisis and its aftermath, during which Labor was able to help keep the country out of recession and save hundreds of thousands of jobs.

I’m delighted to be joined in the economic team by Katy Gallagher, Stephen Jones, Andrew Leigh and Matt Thistlethwaite, and I’m looking forward to working with them. We acknowledge the hard work of my predecessor, Chris Bowen, over his six years as Shadow Treasurer.

We will now take the time to consult with all sectors of the economy in every corner of Australia, as we go about responsibly crafting our policies and plans for the next election and for the future under an Albanese Labor Government.