Bowen back as Treasurer Chris Bowen will be Treasurer in a new Kevin Rudd government. Chris Bowen has been sworn in as Treasurer and former climate change minister Greg Combet could be asked back into the cabinet in a different portfolio after Kevin Rudd's return as Labor leader triggered a wave of ministerial resignations. Mr Rudd was be sworn in as Prime Minister at Government House in Canberra this morning. At the same time Infrastructure Minister Anthony Albanese formally took up his post as Deputy Prime Minister and Mr Bowen was be sworn into the government's key economic portfolio. Mr Bowen's return to the cabinet as Treasurer follows his resignation from Julia Gillard's frontbench in March after he supported Mr Rudd in the leadership contest no-show. Mr Rudd has previously spoken highly of Mr Bowen, a former immigration minister and key backer of his return to the leadership. In March, Mr Rudd praised Mr Bowen as "one of our great hopes for the future" and "a future prime minister of Australia." Mr Bowen replaces Wayne Swan, who served as Treasurer under Mr Rudd during the global financial crisis but went on to become one of Ms Gillard's strongest backers and suffered from the abandonment of the long-running pledge to return the budget to surplus this year. Mr Bowen's role will be crucial as Mr Rudd has stressed the need to provide national economic leadership and heal Labor's strained relationship with business. Meanwhile, Resources Minister Gary Gray, who backed Julia Gillard in the Labor leadership ballot last night, says Mr Rudd has asked him to stay on. "I will do that," he told ABC Radio today. Mr Gray last week said Mr Rudd was good at getting himself in the media but could not govern because he did not have the "courage and strength" that was required. "There is a new Labor leader and we have to get on with job of a government that is working in the interest of all Australians as soon as possible," Mr Gray said, adding he made a "practical and pragmatic" decision. But he took a swipe at some of his Labor colleagues, saying their actions in recent times were beneath contempt. Mr Combet was one of six ministers who resigned last night after Mr Rudd defeated Julia Gillard to reclaim the prime ministership. Amid speculation that Mr Rudd will make changes to the controversial carbon price - of which Mr Combet has political ownership - sources are now saying it would make sense to bring Mr Combet back in a different portfolio. Mr Combet said on Thursday night that it was appropriate for him to resign because it was "well known that I have been a strong supporter of Julia Gillard." However, Mr Combet's return was not regarded to have been made impossible by his support for Ms Gillard. Unlike some Gillard supporters, Mr Combet did not make unacceptable public remarks attacking Mr Rudd. Rather, his position may have been made untenable by looming changes to the carbon price. Some Rudd supporters are saying they would welcome a return of Mr Combet to the front bench. The other ministers to have resigned are Treasurer Wayne Swan, Communications Minister Stephen Conroy, Trade Minister Craig Emerson, School Education Minister Peter Garrett and Agriculture Minister Joe Ludwig.