Penny Wong, who had a troubled spell as climate change minister under Mr Rudd, becomes finance minister.

BBC: Australia PM Julia Gillard announces cabinet?

The government is sending Penny Wong, a member of the Senate (where it holds a more comfortable edge) and minister for finance and deregulation.

FORBES: Aussie politics: Much like US

In Australia, however, the news that Finance Minister Penny Wong and her partner, Sophie Allouache, are expecting a child has generated a minimum of fuss.

BBC: Penny Wong: Australia's non-story of the week

He also criticised Penny Wong's decision to make public the news.

BBC: Penny Wong: Australia's non-story of the week

The push by Australia to start attracting foreign investors by offering them residency comes as the country faces what Finance Minister Penny Wong terms a new reality, as a decadelong mining boom evaporates amid a slowing global economy.

WSJ: Australia Offers Visa for Millionaires