Federal Finance Minister Mathias Cormann announced that he will retire from politics.
In a surprise announcement this morning, Senator Cormann described his political and ministerial career as one of the greatest privileges in his life.
“Serving as a Senator for Western Australia and as the Australian Minister for Finance continues to be one of the greatest privileges of my life,” he said.
“Having the opportunity to help shape the future direction of our country as part of a great team working to make our country even stronger, more prosperous and more resilient is a great honour.”
“I love this job. Every single day I am giving it my all. I can honestly say that I have left nothing on the field. By the end of this year we will be half-way through this current term of government.”
“Having decided not to recontest the next election, I can confirm that I have advised the Prime Minister that the end of this year would be an appropriate time for an orderly transition in my portfolio.”
As a result of his resignation, he will not be contesting the next Federal Election, and leave his ministerial portfolios by the end of 2020.
An orderly transition of his responsibilities to his colleagues has already begun before he leaves his position at the end of the year.
However, he stressed that he will work hard for the next six months to ensure a smooth economic and jobs recovery due to the Coronavirus crisis.
He will continue to play a vital role in the delayed Federal Budget in October, and mid-year budget update in December.
“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,” he continued.
“So between now and the end of the year I will be working with the Prime Minister, the Treasurer and all of my colleagues on finalising our July Economic Statement, our Budget in October and our half-yearly Budget update in December.”