New Prime Minister Malcolm Turnbull named his new cabinet on Sunday, and rewarded Melbourne MP Kelly O'Dwyer for her work on reviewing foreign investment in property with the ministry for Small Business. O'Dwyer also takes on the role of assistant treasurer, a position that has been elevated to a cabinet position, where she will work alongide new Treasurer Scott Morrison. Turnbull said this makes O'Dwyer "the first woman to be elevated to cabinet within the Treasury portfolio."

Turnbull has expanded cabinet from 19 positions to 21, and appointed Australia's first-ever female Defence minister, Marise Payne. 

Opposition leader Bill Shorten has already criticised Turnbull for not having dedicated ministry for housing.