Jim Chalmers is the new Shadow Minister for Financial Services and Superannuation.

Speaking on his promotion to the Shadow Cabinet, Chalmers said it was an honour and “especially pleasing” to take up the financial services and superannuation portfolio given his longstanding interests in the sector.

“This sector is at the pointy end of technological transformation in our society and among the most affected by the extraordinary change in the global and domestic economies,” Chalmers said.

“Australia’s services economy will be even more crucial as we move from one relying on high commodity prices to one that places a higher value on innovation and human capital.”

The Association of Superannuation Funds of Australia welcomed Chalmers’ appointment, saying he would be served well by his previous experience as Shadow Parliamentary Secretary to the Leader of the Opposition, Shadow Parliamentary Secretary for Trade and Investment, and deputy chair of the House of Representatives Standing Committee on Tax and Revenue.

Chalmers also congratulated Katy Gallagher, Sam Dastyari and Terri Butler, who were all promoted to the Shadow Cabinet along with him.

Labor’s leader, Bill Shorten, said this will be the team he takes to the next election.