“The Prime Minister is considering all of these matters,” Senator Cormann told reporters in Perth on Saturday.
Senator Cormann is expected to stay in the Finance portfolio but again he was coy on the issue.
“I am very happy to serve whatever capacity the Prime Minister sees fit,” he said.
Home Affairs Minister Peter Dutton and Treasurer Josh Frydenberg are also set to stay in the same roles.
However, the retirement of Christopher Pyne, Nigel Scullion and Kelly O’Dwyer at the election has opened up three positions in the 22-strong Cabinet.
Liberal MPs Alan Tudge, Michael Sukkar, Scott Buchholz, Anne Ruston and Sussan Ley are all thought to be in the mix for promotion.
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Attorney-General Christian Porter is expected to add Leader of the House to his workload, replacing Mr Pyne in managing the day-to-day of Parliament tactics. Health Minister Greg Hunt, Education Minister Dan Tehan and Foreign Minister Marise Payne are likely to keep their spots.
West Australian minister Ken Wyatt is tipped to take on indigenous affairs, becoming the first indigenous Australian to hold the role – a priority policy area for the Prime Minister over the coming term.
There is speculation Environment Minister Melissa Price’s portfolio could be scaled back, but she will keep the job.
A rise in Liberal MP numbers is expected to push down the quota of Nationals ministers in the Cabinet from five to four, which is calculated on a proportional basis.
This would leave Deputy Prime Minister Michael McCormack, Nationals deputy leader Bridget McKenzie, David Littleproud and Matt Canavan in Cabinet.
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