Prime Minister Malcolm Turnbull says innovation will be at the centre of his Government.
The Prime Minister announced his first ministry in Canberra a short time ago.
Former Education Minister Christopher Pyne has been appointed Minister for Industry, Innovation and Science, replacing Ian Macfarlane.
Wyatt Roy has been appointed Assistant Minister for Innovation, while Karen Andrews is Assistant Minister for Science.
Scott Morrison has been appointed Treasurer.
Sussan Ley has retained the health and sport portfolio.
In addition to retaining Ms Ley in the health portfolio, Andrew Robb will remain in Trade and Investment.
Fiona Nash has been appointed Minister for Rural Health, while Ken Wyatt has been promoted to the position of Assistant Minister for Health, making him the first indigenous MP appointed to the Executive Council.
Former GSK Australia executive Senator Scott Ryan has been appointed Assistant Cabinet Secretary.
Mr Turnbull announced his decision to abolish the title of Parliamentary Secretary, replacing it with Assistant Minister.