In a press conference today, Mr Abbott announced that Senator Cormann will be taking up the role of Minister for Finance in his government, describing the move as a “significant promotion”.
It is as yet unclear whether Senator Cormann will retain responsibility for financial services and superannuation policy.
However, Senator Arthur Sinodinos – former chief of staff to Prime Minister John Howard – has been named in the outer ministry as Assistant Treasurer.
There is no explicit mention of financial services or superannuation policy in the Cabinet, outer ministry or parliamentary secretary list.
Mr Abbott said there would be clear lines of command in his government, and that "just because a policy area does not appear in a title" does not mean there will be no specific Cabinet representation for that policy area.
