Chris Bowen Is Running Against Anthony Albanese For Labor Party Leadership

Chris Bowen is running against Anthony Albanese for the leadership of the Labor party.

The Shadow Treasurer is holding a media conference in Sydney on Tuesday morning, "concerning leadership of the Australian Labor Party".

chris bowen
Chris Bowen is running for Labor Party leadership. Photo: AAP.

Bowen, a member of the ALP right, formally announced his bid on Tuesday morning in front of the house where he grew up in Sydney's Smithfield.

"I think the party does deserve contest. I think that the party deserves a choice," he told reporters.

He took ownership of Labor's franking credits policy which was devastatingly described as a "retiree tax" by the coalition during the campaign, but said the party would start with a blank policy slate for the coming term.

"No political party ever takes to the next election, exactly the same policies they took to the last. That would be dumb."

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Albanese -- who comes from the party's left -- was the first to throw his hat in the ring, announcing his bid for leadership roughly 12 hours after Bill Shorten announced he would step down.

"I am a bit rough at the edges, but I think that Australians don't want someone who just utters talking points... I will not be as articulate as someone who is simply reading from a script," he said.

READ MORE: Anthony Albanese Will Run For Labor Leader

Speaking from a Balmain pub in his electorate of Grayndler on Sunday, Albanese offered his apologies that Labor had not delivered the expected election win.

"We need to reexamine our policies but not our values. Our values are eternal," he said, citing tax reform, stagnant wages, disadvantage and infrastructure as key areas for the Labor Party to focus on.

Labor frontbencher Jim Chalmers is also considering a tilt at the leadership.

It comes less than a day after Deputy Leader Tanya Plibersek bowed out of the race, citing commitments to her family.

"I am overwhelmed by the confidence my colleagues, the union movement, and Labor party members have placed in me," Plibersek said in a statement.

"I thank them from the bottom of my heart for their support."

With AAP.