New Minister for Industry, Innovation and Science, Christopher Pyne, says his appointment is a "great honour".
"Having served for five years as Shadow Minister and then two years as Minister for Education and Training, I am delighted by this new opportunity to serve in an economic portfolio that is central to the future of our nation," he said in response to his appointment.
"We have the researchers, the universities, the institutions such as CSIRO, Questacon and others who are world leading. We have Cooperative Research Centres and Industry Growth Centres and a very wide range of collaborative ventures around the globe. We have a major agenda in the commercialisation of research outcomes.
"We have the technical capacity and capability to remain a nation with industries that offer the jobs of the 21st century. As Minister I will be working with industry and our institutions to continue on this course and look forward to the challenges ahead," he added.
Karen Andrews also welcomed her appointment as Assistant Minister for Science, having been Parliamentary Secretary to the Minister for Industry and Science under Prime Minister Tony Abbott.
“Science is a critical part of Australia’s economic future and I am humbled to be given this opportunity,” she said.
“We have the potential to develop a real economic competitive advantage for Australia through the development of STEM and by encouraging business innovation through research and development.
“There’s an economic imperative to ensuring science and research is at the forefront of our agenda and I’m very heartened that Prime Minister Turnbull has signalled an emphasis on innovation and creating a 21st century economy,” said Ms Andrews.
Newly-appointed Assistant Minister for Innovation, Wyatt Roy, told Fairfax he would push for more collaboration between the private sector and universities.
"We are not cracking the nut of commercialisation," he said.