Opposition leader Bill Shorten has elevated Jim Chalmers to the shadow ministry, with responsibility for superannuation and financial services.
Jim Chalmers has been appointed as the shadow minister for superannuation and financial services, in addition to his new responsibilities for trade and investment, productivity and sport.
Commenting on the appointment, Mr Chalmers pledged to build on Labor's "very proud record on superannuation".
"I look forward to ... advancing a more resilient, fair and competitive financial system underpinning a long-term investment culture," he said.
The appointment was welcomed by the Association of Superannuation Funds of Australia chief executive Pauline Vamos.
"The next few months will be a busy and important time for superannuation," Ms Vamos said.
"Mr Chalmers will 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," she said.
Financial Services Council chief executive Sally Loane also congratulated Mr Chalmers on his promotion to the shadow cabinet.
"As former Labor treasurer and Wayne Swan's chief of staff, Mr Chalmers brings a wealth of experience in financial services to the portfolio," Ms Loane said.