Chris Bowen, Labor's treasury spokesman, will enter the race to lead the shattered opposition following its shock loss to the Coalition in Saturday's election.
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He will announce the bid on Tuesday morning and set up a battle with another Sydney-based frontbencher, Anthony Albanese, who has already declared himself a contender.
Mr Bowen, from the NSW Right faction, served as Bill Shorten's shadow treasurer for nearly six years and was a key part of the Labor's economic leadership team.
However, many in Labor believe he is now too closely associated with a failed policy platform following the devastating loss - especially Labor's proposed reforms to franking credits and negative gearing.
Mr Bowen's pitch will centre on economic growth, fairness and social justice, and is expected to include a frank assessment of where Labor went wrong in the campaign it was widely expected to win.
Earlier on Tuesday, agriculture spokesman Joel Fitzgibbon - also from the NSW Right - said he was considering a tilt at the leadership if nobody else would step up to contest Mr Albanese.
"I am prepared to run for change. I am getting a bit old as you can see, I've been around a long time and I would rather a younger person take up the mantle, but if I need to I will do it," Mr Fitzgibbon said.
Mr Bowen's entry into the race means Mr Fitzgibbon is likely to stand down, while another leadership aspirant from the right faction, finance spokesman Jim Chalmers, may also drop out.
Appearing on the ABC's Q&A program on Monday night, Mr Chalmers said he was weighing a tilt and consulting his colleagues. At 41, he would be able to argue he brings generational change to Labor.
Mr Albanese, of the NSW Left faction, was first out of the blocks when Labor's loss became apparent on Saturday night - with Sky News reporting he would be a leadership candidate while Mr Shorten was still on stage conceding defeat.
On 3AW radio on Tuesday, Mr Albanese dismissed criticism that he was an "old lefty", arguing those labels were irrelevant and he was better described as "old Labor".
"With me, what you see is what you get," he said. "I'm not running against Chris Bowen, I'm running against Scott Morrison."
Mr Albanese said the $6 billion annual bill for refundable franking credits was unsustainable but the policy of abolishing them would have to be examined. One option was to put a cap on it and grandfather the changes, he suggested.
"We need to start off with an acknowledgement that the people don't get it wrong," Mr Albanese said. "The people always need to be respected."
with Rachel Eddie
- SMH/The Age
