Labor Party president Wayne Swan will step down next July, ending his 30-year career in politics, and has warned the ALP must boost membership if it is to survive into the future.<\/p>\n
The former treasurer and deputy prime minister informed the national executive he would not recontest the position in 2026, describing his time in the job as a “profound honour.”<\/p>\n
Mr Swan has served in the role since 2018, after a successful win over now Health Minister Mark Butler.<\/p>\n
Labor has celebrated two consecutive election wins under Prime Minister Anthony Albanese since, including its strongest result in more than 80 years last May.<\/p>\n
But Mr Swan said in a statement announcing his decision that increasing membership must remain an urgent priority for the party.<\/p>\n
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Wayne Swan delivered his first budget in 2008, just a few months before the GFC hit economies later that year. (AAP: Alan Porritt)<\/p>\n
“Over recent years, I have worked hard to ensure the party takes action to lift and re-energise party membership,” he said in a statement.<\/p>\n
“In many parts of the country, however, our membership still needs to grow. We can’t always rely on good leaders and goodwill to pull us through.”<\/p>\n
During his term, Mr Swan has also served as chairman of the construction industry’s superannuation fund, Cbus, a position he will continue to hold.<\/p>\n
A more than 30-year career in politics comes to a close<\/p>\n
After winning the seat of Lilley in Brisbane’s north in 1993, it was not long before Mr Swan found himself on the opposition benches after Labor lost the 1996 election.<\/p>\n
Promoted to shadow cabinet in 1998, he eventually assumed the role of shadow treasurer in 2004.<\/p>\n
Following Labor’s landslide election win in 2007, Prime Minister Kevin Rudd appointed Mr Swan as his treasurer.<\/p>\n
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Wayne Swan oversaw major stimulus initiatives during the global financial crisis. (AAP: Alan Porritt)<\/p>\n
Less than a year later, the global financial crisis (GFC) rocked the world economy, with Mr Swan playing a key role in Australia’s response.<\/p>\n
He coordinated an “economic security strategy” worth $10 billion in response to global economic downturn.<\/p>\n
The stimulus package and the “Nation Building and Jobs Plan” were widely credited with preventing Australia from slipping into recession with much of the rest of the world.<\/p>\n