The Whiltam MP was appointed as the Assistant Treasurer and Minister for Financial Services on May 31.

He took to social media to share the news.

"It's a great honour to be appointed Assistant Treasurer and Financial Services in the Albanese Labor Government," he said in a Tweet.

The MP was re-elected in the Whitlam seat this month, and has held the seat since 2010.

The Labor party formed a majority government on May 31 with 76 seats, then claimed victory in Gilmore later today, which has brought the total to 77.

The Prime Minister's newly formed government also has a record number of women - 10 in cabinet, 13 in the ministry and 19 on the frontbench.

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Mr Jones also said he looked forward to working with women in nearby areas to represent local issues.

"So glad to be working with these amazing women to represent the Illawarra[,] Southern Highlands and [the] South Coast," another Tweet said.

He welcomed Cunningham candidate Alison Byrne and gave a "welcome back" to re-elected member for Gilmore Fiona Phillips.

Mr Albanese said he was "proud to lead" the new government in a live cross in Canberra on May 31.

"This is an exciting team," he said.

"It's a team which is overflowing, I think, with talent, with people who are absolutely committed to making a difference as ministers and assistant ministers in my government."

The frontbench will be sworn in at 9.30am on June 1.

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