Malcolm Turnbull has announced his new Cabinet.

Some new faces, others hold on.

Since Malcolm Turnbull was sworn in as PM on Wednesday last week, there has been a lot of speculation about the make up of his Cabinet. Would Joe Hockey hold on? Would Scott Morrison be promoted? Will there be more than two women in the Cabinet? And the biggest question: Will the Minister for Women actually be, you know, A WOMAN?

Bob Baldwin MP, a former Parliamentary Secretary, announced his dumping ahead of the official announcement:

Kevin Andrews MP, who was Minister for Defence, held a press conference to indicate that he had been dropped from the Turnbull team, saying he was “disappointed that Malcolm Turnbull had not accepted his offer to work with him”. For the announcement, Malcolm Turnbull PM opted for only two flags. There was another new feature that pundits were quick to point out.

[Understood to be Tyson, the cameraman, from Channel 9.]

Turnbull says his Cabinet is a “21st Century of Government” – and said the changes would be “extensive”.

There will be five (FIVE) women in Cabinet – and two on the National Security Committee. The disability portfolio appears to be missing from the line-up.

Scott Morrison will be the new Treasurer.

Chris Pyne will be Minister for Industry, Innovation and Science.

Senator Marise Payne will be the first female Defence Minister (and joins Cabinet for the first time).

Michaelia Cash is the new Minister for Employment, Minister for Women and Minister Assisting the PM on the public service.

Kelly O’Dwyer will be Minister for Small Business and Assistant Treasurer, a position that is being escalated to Cabinet. She will be the first woman to be elevated to Cabinet in an economic portfolio.

Arthur Sinodinous will be Cabinet Secretary.

Simon Birmingham will be Minister for Education (to include child care – which is a strong sign).

Christian Porter will be Minister for Social Services.

Mitch Fifield will be Minister for Communication and the Arts, taking the Arts portfolio from George Brandis, which should make Nick Cave and the rest of the arts community very happy.

Senator Brandis will lead the Senate and remain Attorney-General.

Josh Fryberg will be promoted to Cabinet as Minister for Resources.

Ken Wyatt will be Assistant Minister in the Health portfolio.

Joe Hockey has indicated he is resigning from the Parliament.

Here’s what the new PM had to say about Joe Hockey:

More to come.