Barbara Edmonds has leapfrogged Megan Woods one place to third and will handle Finance, the Economy, and the new Savings and Investment role - leading the party's economic strategy.
Tangi Utikere, the Transport spokesperson, has also shot up seven spots from 19th to 12th, picking up the Local Government portfolio.
"Economic growth for the sake of it isn't an economic strategy. I've tasked Barbara with making sure we're ready to balance the books, increase our savings, expand our investment opportunities, and create the economic conditions for all Kiwis to thrive," Hipkins said.
He said she would lead a new team focused on the economy:
- Barbara Edmonds: Finance and Economy, Savings and Investment.
- Ginny Andersen: Jobs and Incomes
- Peeni Henare: Economic Development
- Reuben Davidson: Science, Technology and Creative Economy
- Cushla Tangaere-Manuel: Māori Economy
Hipkins made the announcement at a State of the Nation speech hosted by the Auckland Business Chamber this morning, saying the next Labour government will focus on jobs, health and housing.
He said the new economic team was a "signal to New Zealanders that we are serious about tackling the big issues and making change for the better".
"The cost-of-living crunch is still hitting New Zealanders hard. Prices are going up, wage growth is stagnant and more people are unemployed or about to lose their jobs.
"The Luxon government does not have a vision or a plan for New Zealand. Buzz words and corporate waffle will not lift incomes, fix our health system or build more homes.
"Labour will not sell our pristine landscapes for a quick buck. We won't lay off thousands of people, and cripple sectors for the sake of politics. We won't sit idly by watching unemployment grow and families to suffer as a result."
He said the new team would "get cracking immediately on new policy".
Coming less than halfway through the coalition's term, his speech also promised a Labour Party that would focus on real solutions that would provide "hope and action" at the next election.
"Politics at its best changes lives. It's why I got into it in the first place," he said. "It lifts people up. It unites hope and action to build the future we all want that works for all of us. It doesn't ignore the challenges we face, or blame someone else, and then at the last possible moment come up with half-baked solutions.
"It focuses on real solutions; solutions that work, not empty slogans. It reflects people's hopes, not the mess and division currently resident in the Beehive. If we're going to make progress on the things we care about, the things that really affect people's lives, then we need to be the antidote to that division."
For all the talk of hope, however, he painted a gloomy picture of the country - saying the government was "selling off our schools and hospitals to the highest bidder", saying they were run down and in desperate need of investment, homes and groceries were unaffordable.
Labour's new list:
1. Chris Hipkins - Leader, Ministerial Services, National Security and Intelligence
2. Carmel Sepuloni - Auckland Issues, Women, Pacific Peoples (loses Social Development, Child Poverty Reduction)
3. Barbara Edmonds (+1) - Finance and Economy, Savings and Investment (loses Infrastructure)
4. Megan Woods (-1) - Energy and Resources, Manufacturing and Industry, Associate Finance (loses Climate Change)
5. Willie Jackson - Social Development, Māori Development (loses Broadcasting and Media, Employment, Associate Housing, Associate Workplace Relations)
6. Ayesha Verrall - Health, Wellington Issues (loses Public Service)
7. Kieran McAnulty - Shadow Leader of the House, Housing, Infrastructure and Public Investment (loses Local Govt and Regional Development)
8. Williow-Jean Prime - Education, Children (loses Youth, Associate Education - Māori)
9. Ginny Andersen - Jobs and Incomes, Police, Treaty of Waitangi Negotiations (loses Prevention of Family and Sexual Violence, Social Investment, Associate Social Development)
10. Jan Tinetti - Workplace Relations and Safety, Social Investment, Early Childhood Education, Child Poverty Reduction (loses Education, Women)
11. Peeni Henare - Economic Development, Māori-Crown Relations Te Arawhiti, Defence, Associate Health (loses Sport and Recreation)
12. Tangi Utikere (+7) - Local Government, Transport, Small Business, Racing (loses Oceans and Fisheries, Associate Education - Pacific)
13. Priyanca Radhakrishnan (-1) - NZSIS, GCSB, Disability, Conservation
14. Jo Luxton (-1) - Agriculture, Rural Communities, Biosecurity
15. Duncan Webb (-1) - Deputy Shadow Leader of the House, Justice, Regulation, Natural Hazards Commission (loses Christchurch issues)
16. Deborah Russell (-1) - Revenue, Climate Change, Associate Finance (loses Science, Innovation and Technology, Associate Education - Tertiary)
17. Rachel Brooking (-1) - Environment, Food Safety, Space, RMA Reform
18. Damien O'Connor (-1) - Trade, Land Information, Regional Development (loses Associate Foreign Affairs, Associate Transport)
19. David Parker (-1) - Foreign Affairs, Shadow Attorney General (loses Electoral Reform)
20. Camilla Belich - ACC, Public Services, Emergency Management (loses Workplace Relations and Safety)
21. Arena Williams - Commerce and Consumer Affairs, Building and Construction, Youth (loses State-owned Enterprises)
22. Phil Twyford - Immigration, Disarmament and Arms Control, Associate Foreign Affairs
23. Greg O'Connor - Courts, Veterans
24. Jenny Salesa - Ethnic Communities, Customs
25. Rachel Boyack - Arts, Culture and Heritage, Animal Welfare, Oceans and Fisheries (loses ACC)
26. Adrian Rurawhe - Whānau Ora (loses Associate Māori Development)
27. Helen White - Community and Voluntary Sector, Prevention of Family and Sexual Violence (loses Small Business and Manufacturing, Associate Justice)
28. Ingrid Leary - Seniors, Mental Health
29. Lemauga Lydia Sosene - Internal Affairs, Statistics (loses Associate Pacific Peoples, Associate Social Development and Employment)
30. Reuben Davidson - Science, Technology and Innovation, Broadcasting, Media and Creative Economy (loses Statistics, Digital Economy and Communications, Associate Broadcasting and Media)
31. Cushla Tangaere-Manuel - Māori Economy, Sport and Recreation, Forestry (loses Tourism and Hospitality, Cyclone Recovery)
32. Tracey McLellan - Corrections, Christchurch Issues (loses Associate Health)
33. Shanan Halbert - Tertiary Education, Rainbow Issues (loses Auckland Issues)
34. Glen Bennett - Tourism and Hospitality (loses Economic Development, Associate Energy)
