West Australian minister Dean Nalder has been stripped of his finance portfolio as part of a cabinet reshuffle, after conflict of interest controversies.
Mr Nalder, 48, retains the transport portfolio he inherited from Troy Buswell, whose political life was tarnished by indiscretions including chair sniffing, an affair and crashing his ministerial car.
Mr Nalder first came under fire for holding a stake in Fleet Network, a company that leases cars to public servants through salary packaging arrangements, which he should have divested within 60 days of becoming a minister.
Then his office nominated Darryll Ashworth, the chief of a property company in which Mr Nalder had invested $400,000, to attend a meeting with the Chinese consul-general.
Last week, it emerged Mr Nalder had invested in a Cottesloe property with a financial trader charged by a US federal grand jury with conspiracy to commit wire fraud and bank fraud under the Libor rigging investigation.
And on the weekend, it was reported Mr Nalder's in-laws operate a trucking business set to benefit from the closure of large tracts of the state-owned grain rail network.
Premier Colin Barnett ordered a review of Mr Nalder's financial interest disclosures, which is due to be released this week, but came to the conclusion he had not sought to personally gain from his ministerial position.
Mr Barnett said Mr Nalder had made a serious error of judgment, but did not deserve to lose his job, as demanded by the opposition, and he had suffered a loss of prestige from the demotion.
He was surprised Mr Nalder had acquired more business assets instead of divesting them, and was concerned an IT asset had the potential for a serious conflict of interest in the future.
But Mr Nalder had offloaded his interest in Fleet Network and begun to fully comply with his ministerial obligations and responsibilities.
Mr Nalder said he was still receiving independent advice to ensure he did so, adding better processes were needed so no MPs had to experience what he had, adding he never had any ill intent.
"I have attempted to be open and honest all the way through," Mr Nalder told reporters.
"I have learnt the hard way that I have created perceptions of a potential conflict, or perceptions of wrongdoing, even though those wrongdoings weren't actual."
However, opposition transport spokesman Ken Travers says Mr Nalder should have been dealt with more severely, saying losing a portfolio was no real punishment.
"His ministerial salary will still be the same tomorrow," Mr Travers told Fairfax radio.
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