Malcolm Turnbull has made sweeping changes to the treasurer portfolio in his aim to lift the economy and push through the coalition's reform agenda.
As widely expected, the prime minister has promoted Scott Morrison to the crucial role of treasurer, replacing Joe Hockey who had two years in the position and is now resigning from parliament.
Announcing his new ministry on Sunday, Mr Turnbull said Mr Morrison had already held the key economic portfolio of social services.
"He has introduced significant reforms to ensure our generous social welfare safety net is more efficient, easy to understand and sustainable," Mr Turnbull told reporters in Canberra.
Another up-and-coming star, Kelly O'Dwyer, has been promoted to a new combined position of assistant treasurer and small business minister previously held by Josh Frydenberg and Bruce Billson.
Senator Mathias Cormann remains finance minister.
Mr Turnbull put the handling of the economy at the centre of his challenge to oust former prime minister Tony Abbott last Monday.
Former Liberal Leader John Hewson says the switch to Mr Turnbull gives the government the opportunity to reset the economic agenda and break the reform deadlock.
He says the government must now focus on an objective, like doubling the nation's productivity by 2025, then go through each of the policy areas to explain what needs to be done, whether it is the reform of industrial relations, tax or energy and energy efficiency.
"You need to reset the agenda because we can't go on with this game where one side (of politics) proposes something and the other side immediately says no," Dr Hewson told Sky News.
Former Labor state treasurer Michael Costa says if Mr Turnbull and his new economic team can sell the economic message, then the change to Mr Turnbull will be worthwhile.
"But I'm sceptical," he told Network Ten.
The government still faces a hostile Senate and the budget position is worse than when the coalition came into government with debt heading towards half a trillion dollars, he said.
"We've got the global economy looking worse," he said.
CPA Australia Alex Malley, who was a critic of the former Abbott/Hockey leadership, says tax reform must be the number one priority for the Turnbull-Morrison partnership.
"Up to this point, for all intents and purposes, the white paper process is dead," Mr Malley said in a statement.
Opposition Leader Bill Shorten said for everyone who is worried about the GST going up to 15 per cent and being extended to fresh food, school fees and health costs, "the GST's best champion is now the treasurer of Australia".
TURNBULL'S ECONOMIC TEAM
Treasurer - Scott Morrison replaces Joe Hockey
Finance Minister - Mathias Cormann stays
Assistant Treasurer/Small Business Minister - Kelly O'Dwyer replaces Josh Frydenberg and Bruce Billson.
Assistant Minister to Treasurer (formerly parliamentary secretary) - Alex Hawke replaces Kelly O'Dwyer.
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