Mundine, who is the No.2 contender for the WBA title, had superior reach and firepower and landed some heavy blows during the 12 round contest last night.
But to Jerez's credit he withstood the barrages and kept moving to avoid making himself an easy target for Mundine's strong jabs and right hooks.
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Two judges scored the fight 118-110 while one scored it 120-109.
"I really feel good," Mundine said.
"He was cagey and could counter so it was a good work out for me tonight.
"I thought I was getting stronger (at the end) and I was glad it went twelve rounds although I tried to finish sooner."
No sooner had Mundine finished his post bout speech when Sydney-based pugilist Ryan Waters jumped into the ring to challenge "The Man".
The pair stood face to face and Mundine then pushed Waters before they were separated.
"Lace `em up now out the back. I am ready for another 12 rounds," Mundine said.
Mundine may have been forced to go the distance in a lower weight division but he was so in control by the eighth round he was able to adjust his shorts in between a series or right and left jabs.
In the seventh round Mundine went after Jerez, forcing the Argentinian on the back foot with a series of jabs and rights.
As he did in round one and two when he pointed to his kidneys, Jerez, complained of illegal blows, this time pointing to the back of his head and then his side.
Mundine said he would consider taking on Waters but only after he'd consulted with his management.
He said Wednesday night's bout reinforced his belief that he could fight at the lower weight division.
"I felt this keeps me in good stead ... knowing I had gas in the tank towards the end against a cagey veteran who came to win," Mundine said."Maybe Ryan Waters would be the next step.
"He's ranked seven (WBA) and five (WBO) in the world."
