Deputy federal Labor leader Tanya Plibersek believes Wayne Swan will be remembered for keeping 200,000 Australians in work during the global financial crisis while the rest of the world was in recession.
Mr Swan, the former treasurer under the Kevin Rudd and Julia Gillard Labor governments, announced on Saturday he will retire at the next election after more than two decades in politics.
"He managed the best response in the world to the GFC. He managed the economy well in order to do good things for working class and middle-class Australians," Ms Plibersek told ABC television on Sunday.
Mr Swan was first elected to federal parliament in 1993, serving as treasurer for six years and as deputy prime minister for three.
He Swan said on Saturday his work to avoid recession during the global financial crisis was his proudest achievement in office, but called for a woman to succeed him.
"I think it would be fitting if the party were to select on this occasion a young woman with the energy and smarts to represent Lilley forcefully and successfully," he said.
