Prime Minister-elect Tony Abbott has unveiled his new ministry, saying it is one of the most experienced incoming ministries in Australian history.
In a major endorsement, West Australian Senator Mathias Cormann was promoted into cabinet as finance minister.
Arthur Sinodinos, who had been tipped to take the finance portfolio, was instead promoted into the junior ministry.
Andrew Robb, who was the Coalition's spokesman for finance in opposition, was named as trade minister.
Traditionally the trade portfolio is awarded to the Nationals when the Coalition is in government, but incoming deputy prime minister Warren Truss will instead be responsible for infrastructure and regional development.
Julie Bishop, as foreign affairs minister, is the only woman in a frontbench position but Mr Abbott has promoted a number of women to the outer ministry.
- Read the full list of Tony Abbott's first ministry
Barnaby Joyce, who on Friday was elected as deputy Nationals leader, will take the portfolio of agriculture.
Mr Abbott has had to replace Sophie Mirabella, who ruled herself out of contention for a portfolio as she battled to retain her Victorian seat of Indi.
This morning, independent Cathy McGowan was ahead of Ms Mirabella by 515 votes with 91.9 per cent counted.
Those demoted from their roles in opposition include Senator Ian Macdonald and Brisbane MP Teresa Gambaro.
Ms Gambaro said in a statement she was "honoured" to have served as a shadow parliamentary secretary and was looking forward to representing her electorate in the parliament.
But Senator Macdonald was not impressed, saying "what should have been one of the proudest days of my life has turned into one of the worst" following his phone call from Mr Abbott.
Other positions include Joe Hockey as treasurer, Malcolm Turnbull as communications minister, Peter Dutton as health minister, Christopher Pyne as education minister, Scott Morrison as minister for immigration and border protection, and Greg Hunt as environment minister.
It is understood the new ministry could be sworn in as early as tomorrow.
Mr Abbott has also nominated Liberal Party stalwart Bronwyn Bishop to become Speaker of the new parliament.
He says Philip Ruddock, who holds the title of Father of the House as the oldest member, will be chief government whip.
