Bill Shorten remains as minister for financial services and superannuation, Prime Minister Julia Gillard said today.
Shorten has also been elevated to the Employment and Workplace Relations portfolio.
Shorten's position as Assistant Treasurer has been taken over by Mark Arbib, who was Minister for Indigenous Employment and Economic Development, Minister for Sport, Minister for Social Housing and Homelessness and Senator for New South Wales.
The reshuffle occurs at a critical time for the government's planned Future of Financial Advice (FOFA) reforms, which have already been delayed by at least three months after the measures were referred back to the Parliamentary Joint Committee (PJC) and the Senate Economics Committee.
Shorten is expected to face heightened calls for FOFA's 1 July 2012 implementation date to be postponed, in line with the series of delays that have beset the reforms' progress through Parliament.
