Wells was selected as the Liberal candidate for Wantirna before the 1992 Victorian state election, and was elected. He held the seat until 2002, when it was replaced with safe Liberal Party seat of Scoresby, which Wells held. In 2000 he was appointed Shadow Minister for Corrections, Police and Emergency Services. He was the Shadow Treasurer from December 2006 to December 2010 and Treasurer of Victoria in the Baillieu Coalition Government from December 2010 to March 2013, when on Premier Ted Baillieu's resignation, Wells became Minister for Police and Emergency Services and Minister for Bushfire Response in the Napthine Coalition Government.
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Wells’ division of Scoresby was abolished and effectively replaced by the new Division of Rowville for the 2014 Victorian Election, but remained a safe Liberal seat. Wells retained the seat at both the 2014 Victorian State Election and the 2018 Victorian state election.[3]
In September 2021, Wells was dropped from the Shadow Ministry on the return of Matthew Guy to the Liberal Party leadership.[4]