SYDNEY • Australia's Finance Minister Mathias Cormann will step down at the end of the year, he announced in a statement yesterday.
The West Australian senator told Prime Minister Scott Morrison that he will seek an "orderly transition" of his portfolio by the end of this year. He will not contest the next election.
His departure could prompt a shake-up of the federal government's front bench halfway through the new conservative government's term.
It comes at an uncertain time for Australia's economy, which entered its first recession in 29 years last month.
"I can honestly say I have left nothing on the field," Mr Cormann said.
"Before handing over the baton, there is another six months or so of hard work to be done in this job, to help manage a responsible transition out of this coronavirus-induced crisis and to help finalise and set in train our five-year plan to maximise the strength of our economic and jobs recovery."
The 49-year-old has served as finance minister since 2013, holding onto the role despite leadership turmoil among the Liberals that saw former prime ministers Tony Abbott and Malcolm Turnbull ousted by their own party before Mr Morrison became the new leader.
The federal government abandoned plans to deliver a budget surplus this year, instead unveiling a A$17.6 billion (S$17.06 billion) stimulus to beat the recession.
Mr Cormann must still finalise the July Economic Statement, the Budget in October followed by a half-yearly Budget update in December.
Meanwhile, a candidate from the opposition claimed victory yesterday in a close by-election seen as a referendum on Mr Morrison's handling of bush fires and the Covid-19 pandemic.
Ms Kristy McBain of the centre-left Labor Party claimed a narrow win over Ms Fiona Kotvojs of Mr Morrison's party in Eden-Monaro. She received 50.58 per cent of the votes, while Ms Kotvojs got 49.42 per cent, according to the Australian Electoral Commission.
Although the results will not affect the balance of power in Parliament, Ms McBain's apparent victory shows that a recent rebound in the Prime Minister's approval ratings has not decisively translated into votes.
Mr Morrison's unifying management style in the pandemic and his decisive measures have made him the country's most popular leader in a decade.
That followed a steep decline in his popularity at the start of the year over his handling of the devastating bush fires.
BLOOMBERG, REUTERS
