Finance Minister Mathias Cormann to quit

Finance Minister Mathias Cormann has notified Prime Minister Scott Morrison of his intention to leave politics in December.

Senator Cormann has confirmed he will not recontest the next election and believes the end of the year will be an appropriate time to transition his portfolio.

He will spend the next six months helping to finalise the July Economic Statement, the October Budget and the half yearly budget update in December.

Image: News Corp Australia

The West Australian Senator announced on Sunday morning his intention to retire and said he had advised Prime Minister Scott Morrison the end of 2020 would be the appropriate time for an “orderly transition” in his portfolio.

Senator Cormann had decided not to recontest the next election and there had been speculation recently he was considering his future.

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He was elected in June 2007 and has served as Australia’s Finance Minister for seven years under three prime ministers. His resignation will spark a Cabinet reshuffle for the Federal Government.

“I can honestly say that I have left nothing on the field,” Senator Cormann said in a statement.

“By the end of this year we will be halfway through this current term of government.

“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.”

Senator Cormann said he was not going anywhere just yet and between now and the end of the year he would be working with the Prime Minister, Treasurer Josh Frydenberg and all of his other colleagues on finalising the July Economic Statement, the Budget in October and the half-yearly Budget update in December.

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