Two industry bodies have welcomed the appointment of Bill Shorten as the Minister for Financial Services and Superannuation.

Shorten was previously a parliamentary secretary. On Saturday the Gillard government announced his appointment to the financial services and superannuation portfolio.  

In addition, Shorten will also take on the job as Assistant Treasurer.

"We congratulate Bill Shorten on his new role, and look forward to working with him to achieve the government's pre-election commitments to lift the SG to 12 per cent, implement the recommendations of the Cooper review, and ongoing reform in the financial services sector, "Australian Institute of Superannuation Trustees (AIST) chief executive Fiona Reynolds said.

The Association of Superannuation Funds of Australia chief executive Pauline Vamos said it was positive that a minister for superannuation also had treasury responsibilities.

"It is a good move to see superannuation so closely aligned with the treasury," Vamos said.

Prior to his political career, Shorten led the Australian Workers' Union. He has also served as a trustee on the board of industry superannuation fund AustralianSuper.

"Minister Shorten brings to the portfolio a depth of experience, practical knowledge and a long-standing commitment to improve the retirement security of all working Australians," Reynolds said.

"It's great to see a minister who is familiar with superannuation. He also understands the measures that need to be undertaken to prepare and position the industry for the next 20 years," Vamos said.

The former Minister for Superannuation Chris Bowen was appointed Minister for Immigration.

"We congratulate Chris on his appointment to the immigration portfolio and thank him for his contribution to super over the last two years," Vamos said.

"On behalf of all AIST's members, I would like to acknowledge the valuable and enthusiastic contribution minister Bowen has made to the industry," Reynolds said.