Chris Bowen announces he will contest the Labor leadership

Shadow treasurer Chris Bowen has announced he will run for the position of Labor leader, putting him in contest with colleague Anthony Albanese.

Mr Bowen, a member of the ALP right, made the announcement on Tuesday in Sydney's Smithfield where he grew up a day after left faction deputy leader Tanya Plibersek confirmed she would not run for the role.

Joel Fitzgibbon is also considering a tilt, but only if the candidates don't promise to stand up for regional Australia and the coal-mining industry.

"I am considering doing so, yes, I would much rather someone else do it," the Hunter MP told Nine's Today program.

"But if I need to do it to secure the new path, the new direction we need, then I certainly will.

Shadow Treasurer Chris Bowen is expected to challenge for Labor leader. Source: AAP
Anthony Albanese will run for the Labor leadership. Source: AAP

"I want a leader who is prepared to stand up and say: 'I support the coalmining industry, I support getting cheap gas out of the ground to fuel our manufacturing sector and create jobs and I do want a big seat at the table for regional Australia'."

Mr Albanese has a ‘responsibility’

Mr Albanese, the left faction member who announced his candidacy on Sunday, believes Labor needs to take a hard look at some of its policies after its shock federal election loss on Saturday.

"There are issues that need re-examining," he told ABC's 7.30 program on Monday.

"It's up to the caucus. One of the things that I'm not going to do, if I'm elected as leader of the Labor party, is to make policy on the run. I'll talk with the caucus, we'll consult."

“I have a responsibility to put myself forward,” he told reporters.

Mr Albanese added: “What you see is what you get with me, for better or worse.”

In 2013, Mr Albanese nominated for leadership but lost out to Mr Shorten.

Labor MP and finance spokesman Jim Chalmers, who also hails from the right, said on Monday night he may also run for leader.

Shadow Employment Minister Tanya Plibersek declared on Monday she won't be running for the role. Source: AAP

"I'm considering it. I'm talking to my colleagues about it. I don't think it's unreasonable that a few of us take some time to work out what we want to do," he told ABC's Q&A program.

Ms Plibersek confirmed on Monday she would not run for leader but intended to stand again for the deputy position.

"Now is not my time," she said.

"At this point, I cannot reconcile the important responsibilities I have to my family with the additional responsibilities of the Labor leadership."

Bill Shorten will continue as Labor's interim leader until the party's leadership is determined.

Do you have a story tip? Email:

You can also follow us on Facebook, download the Yahoo News app from iTunes or Google Play and stay up to date with the latest news with Yahoo’s daily newsletter. Sign up here.