Nick Sherry stands down as Small Business Minister, Mark Arbib to succeed

Australia is set for a new Small Business Minister, with Nick Sherry announcing he has stepped down from the role and will not contest the next election after 21 years in politics.

He will be replaced by Mark Arbib, who will also serve as Assistant Treasurer and Minister for Sport.

Arbib’s appointment is part of a broader Cabinet reshuffle announced this afternoon which also saw Bill Shorten take on industrial relations and employment, in addition to superannuation and financial services.

Sherry told a press conference this morning the decision was driven by a desire to spend more time with his three children.

“This was my decision, I did not consult with anyone in the Labor Party but I did consult with some close friends,” the Tasmanian Senator said.

“I’ve just turned 56 and you do think about these issues a little more when you get a touch older.”

Sherry said he had been on the front bench for a long time.

“I am fit and energetic, I enjoy being a minister but when I considered the interrelated factors I came to the conclusion it was time.”

He said it had been a “tough year” but he believed the Labor Party could win the next election.

“I’ve been around a long time; I’ve seen a lot of good polls and I’ve seen a lot of bad polls,” Sherry said.

Sherry was well-regarded in his previous portfolio of assistant treasurer, where his deep knowledge of superannuation was much respected.

He took over the small business role, which is not in Cabinet, from Craig Emerson at the last election in November 2010.

Sherry attracted flak midway through the year by tipping that bookstores would die out beyond specialist booksellers in capital cities.

Shadow Small Business Minister Bruce Billson said the Government had “missed an opportunity to give small business a voice at the cabinet table.”

“Small business needs action now but I’m not sure Senator Arbib can achieve it from the outer ministry,” Billson said.