PM Malcolm Turnbull has unveiled his new cabinet

The Prime Minister has unveiled a moderate shake-up of his ministry, following the federal election.

National party MP’s  Michael McCormack and Matt Canavan have been promoted, while the new portfolio of Defence Industry has been created for Christopher Pyne.

In a statement Minister Pyne says – ‘As minister I will be focussed on ensuring we grasp this once in a generation opportunity and ensure our plans for job creation and economic growth are realised.’

Greg Hunt will move to innovation and science, while Josh Frydenberg will head up environment and energy.

Kelly O’Dwyer is no longer the Minster for Small Business; instead, Michael McCormack will take the title.

But she will remain in the cabinet under the title of Revenue and Financial Services Minister.

Malcolm Turnbull says his team will be sworn in tomorrow.

Click PLAY below to hear Tom Elliott speak with 3AW Canberra Correspondent Stephanie Borys