Kelly O’Dwyer has been removed from the financial services portfolio as part of a cabinet reshuffle helmed by newly appointed Prime Minister Scott Morrison.
Mr Morrison unveiled his new cabinet on Sunday after he was elected leader of the Liberal Party on Friday, beating Peter Dutton 45 votes to 40.
Late on Friday, Mr Morrison and deputy Liberal leader Josh Frydenberg were sworn in as Prime Minister and Treasurer, respectively.
Mr Morrison's new ministry, revealed on Sunday, will see Stuart Robert serve as Assistant Treasurer and Zed Seselja fill the role of Assistant Minister for Treasury and Finance.
Mathias Cormann will retain his role of Minister for Finance, despite resigning alongside Mitch Fifield and Michaelia Cash on Thursday in a move that effectively ended Malcolm Turnbull's prime ministership.
Ms O'Dwyer will take on the new role of Minister for Jobs, Industrial Relations and Women.
Last week, Equilibria Finance managing director Anthony Landahl told ifa the instability caused by the Liberal Party’s leadership spill presents a challenge to advice practices, but added that clients “genuinely need the services of good mortgage brokers and good advisers more than ever” as a result of the added uncertainty.
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