Opposition leader Bill Shorten has announced a big shake-up of Labor's front bench, as he seeks to ramp up pressure on a weakened Turnbull government in the next term of Parliament.

Senator Penny Wong, one of the party's most accomplished talents, will give up the trade and investment portfolios for the coveted foreign affairs gig. She will juggle the responsibilities with an already large workload as Labor's leader in the Senate.

As expected, deputy Labor leader Tanya Plibersek will leave foreign affairs to take up a super-charged education portfolio comprising both schools and universities. She will also become shadow minister for women.

The move brings one of Labor's biggest assets back into the domestic political fray and will boost attacks on the government over education, one of the party's core policy strengths.