Australia's centre-left Prime Minister-elect Kevin Rudd named Labor's first cabinet in 11 years on Thursday, appointing former academic Wayne Swan to the key economic management job as treasurer.
Rudd also appointed lawyer Stephen Smith, a one time adviser to former prime minister Paul Keating, as his new foreign minister. Former trade union official Lindsay Tanner from Labor's left wing will be finance minister.
Swan, 53, is a former academic who went to the same school as Rudd in country Queensland. He studied economics and arts and was an adviser to the Queensland state Labor government in the 1980s, before going on to run the Queensland branch of the party.
He has promised to maintain tight government spending and to maintain the independence of the nation's central bank to set interest rates with the aim of keeping inflation low.
Rudd, 50, won power at Saturday's national election by promising generational change, ending 11 years of conservative rule under outgoing Prime Minister John Howard, 68.
"The team I am putting forward is also a team of rejuvenation," Rudd told reporters. The new cabinet will be sworn into power on Monday.