Scott Morrison has chosen his key players for business ahead of the first party room meeting tomorrow.
Senator Michaelia Cash has maintained her ministerial position as Minister for Small and Family Business after the cabinet reshuffle was announced on the weekend.
Ms Cash, formerly Minister for Small and Family Business, Skills and Vocational Education, will now be the Minister for Employment, Skills, Small and Family Business.
Ms Cash will oversee the Department of Jobs and Small Business and will be responsible for overseeing the Coalition’s election promises of creating 1.25 million jobs, 250,000 new small businesses and 80,000 apprenticeships over five years.
Supporting her in the role will be MP Steve Irons as Assistant Minister for Vocational Education, Training and Apprenticeships, while industrial relations will be split from the portfolio and managed by Attorney-General Christian Porter.
Ms Cash was previously responsible for the PaTH internship scheme, which was criticised for its implementation with only 4,785 internships completed in the first 18 months of the $250 million program.
Founder and chief executive of the Small Business Association of Australia Anne Nalder congratulated the Morrison government on its election victory and on the reappointment of Senator Cash as Small Business Minister.
“I met with the minister and believe she has done a good job in the short time she had as Small Business Minister prior to the 18th May election.
“I presented the Small Business Charter of Australia that contains 10 pillars that are crucial to the survival and growth of small business and would like to see the implementation of the charter in the future,” Ms Nalder said.
The Treasury team will continue to be led by MP Josh Frydenberg, who will be joined by Michael Sukkar MP as Assistant Treasurer and Senator Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology.
Ms Hume’s appointment in particular is of note as it will be the first time there is a minister responsible for the growing fintech sector.
In his announcement, the Prime Minister said the new ministry would focus on delivering a budget surplus and pay down debt and delivering tax relief for families and small businesses.
“Our economic team will be led by Josh Frydenberg as Treasurer and Mathias Cormann as Minister for Finance, delivering Australia’s first budget surplus in 12 years and tax relief for hard-working Australians and their families,” he said.
The new team was welcomed by the Australian Banking Association’s chief executive, Anna Bligh, who looked forward to the overhaul of the code of practice and the open banking implementation.
“Congratulations to Josh Frydenberg on his reappointment as Treasurer, to the Honourable Michael Sukkar MP on his appointment as Assistant Treasurer and Senator Jane Hume on her appointment as Assistant Minister for Superannuation, Financial Services and Financial Technology.
“The royal commission clearly set out a number of key changes to banking, particularly around the Banking Code of Practice, which the industry has been working tirelessly to implement over the past few months.”