Acting opposition leader Chris Bowen announced on Monday that nominations for the leadership of the federal parliamentary Labor Party will close on Friday and that the final result will not be known until next month.

So far, outgoing ministers Anthony Albanese and Bill Shorten have put their hands up for the position. No other MPs are expected to nominate.

Mr Bowen - who on Monday, again ruled himself out of the running - said that the ALP national executive had decided that everyone who was as financial member of the party as of September 7 would be able to vote in the leadership ballot.

Under reforms introduced by former prime minister Kevin Rudd in July, the Labor leadership will now be determined by a vote of the Labor caucus and membership, who will each have a 50 per cent say.

Mr Bowen said that the membership vote would open on September 24 and close on October 9 at 5 pm.

The Labor caucus will then meet at 4pm on October 10 for its vote, before the votes are counted and the result is announced on October 13.

''This is a good thing for Australian democracy,'' he told reporters.

Mr Bowen said that there had been a ''strong reaction'' to the ballot from ALP members and there had even been an increase in applications and expressions of interest to join the party.