New Federal Treasurer Joe Hockey will take responsibility for financial services and insurance in the Coalition Government.

In one of his first tasks as Treasurer, Mr Hockey visited Indonesia last week to sign the landmark Asia Region Funds Passport deal, which will allow funds to be traded among participating economies.

A spokesman for new Finance Minister Mathias Cormann says a further breakdown of portfolio responsibilities will be announced soon.

Arthur Sinodinos is the new Assistant Treasurer, Steven Ciobo is Parliamentary Secretary to the Treasurer and Michael McCormack is Parliamentary Secretary to the Finance Minister.

Financial Services Council CEO John Brogden says Mr Hockey, Mr Sinodinos and Mr Ciobo form a “strong team in Treasury, which will well represent the financial services industry in its next growth phase. As a former Treasury economist and chief of staff to John Howard, Arthur Sinodinos has unparalleled experienced for the role as Assistant Treasurer.

“We have worked with Mr Sinodinos over the past few years and look forward to continuing this.”

He says Mr Ciobo represents the next generation of Coalition MPs, and “has been a strong advocate for less regulation and red tape”.