Australia finance minister Mathias Cormann to step down at year end

SYDNEY - Australia's Finance Minister Mathias Cormann will step down at the end of the year, he announced in a statement Sunday .

Mr Cormann's departure could prompt a shake-up of the federal government's front bench halfway through the new conservative government's term. It comes at an uncertain time for Australia's economy, which entered its first recession in 29 years last month, ending the developed world's longest uninterrupted economic growth streak.

The federal government abandoned plans to deliver a budget surplus this year, instead unveiling a A$17.6 billion stimulus to turn around the recession. Mr Cormann first became a senator in 2007 and was previously the minister for public service between 2018 and 2019. He thanked the two former prime ministers in the statement.

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