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(generated from captions) Australia's history. Queensland and indeed in

take you now to Parliament Australia's history. Let's

House in Canberra where we'll

hear from the Small Business Minister Nick Sherry. This is the Small Business

Minister preparing to speak to

reporters. He expected is to

the Gillard ministry. Good announce his resignation from

morning. This morning I'm

announcing my retirement from

the ministry. I will be

continuing as a senator for

Tasmania, but I will not be

contesting preselection for the

next election. There are three

interrelated reasons for my

decision. Firstly, I've been on

the frontbench for a very long

time. Some 14 years of my almost 22 years in almost 22 years in the

three years as a Parliamentary Parliament so far. I served

Secretary between 1993 and

1996. I've served in a range 1996. I've served in a range of

positions in on as a shadow minister for minister for seven years and

I've served the last four years

as a minister. I've been around

for a long time. I've served

with four Labor Prime

Ministers. Hawke, Keating, Rudd

and Julia Gillard. I and Julia Gillard. I served

with three opposition leaders,

Kim Beazley, Simon Crean and

Mark Latham. So I've been on the frontbench for a long time. Secondly I have just turned 56

and you do think about these

issues a little more when you

get a touch older. And thirdly

I have three young children. I do believe that obviously it's challenging

challenging with family challenging with family and particularly children in federal political life. It is challenging. And I've given

greater weight to the fact that

with three young children and

that's be a important with my length of service,

consideration. So they're the

interrelated factors, that I've

come to a conclusion that it is

an appropriate time to step

down as a minister. And to

allow another member of the Federal Parliamentary Labor Party

Party the opportunity to serve as a minister. I stress this

was my decision. I did not consult with anyone in the was my decision. I did not

Federal Party at all about my decision Federal Parliamentary Labor

over the last few months. I did consult with a friends outside of politics, consult with a few close

including a couple of former members of Parliament. But this

was my decision. When I reached

the conclusion that it the conclusion that it was time to retire as a minister I to retire as a minister I then informed the Prime Minister and

conference on I inched her at the national

afternoon and I also informed conference on Saturday

the Senate Leader Chris Evans. So there've been quite a few

rumours I notice over the last

week or two. But they are the facts. facts. That's what occurred.

I'm particularly fit and energetic. I actually enjoy

being a minister. I actually

enjoy being in the Parliament. I'm actually enjoying the policy and political challenges. But when considered the interrelated challenges. But when I

factors that I've mentioned, I

still came to the conclusion

that it was time to retire as a

minister. I've enjoyed a wide range of industries and resources, responsibilities. Primary responsibilities. range of ministerial

superannuation, corporate law,

business, tourism assistant Treasurer, small

business, tourism and

deregulation. So I've had a

very broad range of

responsibilities in my time as a minister and Parliamentary Secretary. The policy challenges have been significant and there are many ongoing policy challenges for

the government. The most challenging period in my view

was the period during the

global financial crisis. I'm

proud to have represented

Australia as a minister. I'm

very proud to have been a minister. There are not many who are provided with that opportunity.

opportunity. I'm proud to represented the Australian opportunity. I'm proud to have

Labor Party as a minister. I

thank Julia Gillard with whom I

have a good friendship and a

good working relationship. I good working relationship.

thank Julia for the trust and

confidence she placed in me in reappointing me last year to

the ministry. I also thank her

predecessor, Kevin Rudd for the

same trust and confidence that

he placed in me in appointing

me to the ministry in 2007 as Australia's first superannuation minister. There

are a number of thank yous. To the Prime Minister and all the leaders of the Parliamentary

Labor Party who I've served with on the frontbench and I have mentioned them all here

today. I particularly today. I particularly want to thank two of my colleagues, the current leader, thank two of my Senate

Chris

Chris Evans and the former leader Senator John Faulkner. I

want to thank all of my parliamentary colleagues. I

want to thank my staff, a few

of whom are here today. of whom are here today. You

can't do your job as a minister

without good staff and I've had good staff. Had good loyalty

over a long period of time.

There is obviously a wide range

of public servants, a wide range of organisations and vid

quals in the community that

I've interacted with in my time on the frontbench. And I want

to thank all of those - again ,

too many to name. Finally I

want to thank you in the media

for your interaction over the

last 14 years as a member last 14 years as a member of

the executive. As I mentioned,

for Tasmania. I'm looking I will continue to be a Senator

forward to next year. Hopefully

some good committee work, in

the economics and the economics and finance areas in particular, taking up the challenge to the Liberal

National Party opposition. So I

look forward to those

challenges and beyond. Have a happy

happy Christmas and a safe new

year. Over to you. Without you

on the frontbench will won't be

know if you will be replaced by know if you will be a Tasmanian there. But do you

a Tasmanian member? Firstly I

would make the point, it is

certainly appropriate that

there be a Tasmanian, at least

one Tasmanian on the frontbench. For obvious reasons. Tasmania is very fortunate in the sense that we

have strong representation. We

have six senators, we're the

only state with six senators.

Labor senators. We have Labor senators. We have four

Labor senators. Labor's vote at

the last election was

historically high. So yes, I

think it would be appropriate

for there to be at least one

Tasmanian on the frontbench.

That's the decision of the Prime Minister. We'll await Prime Minister. We'll await her

announcement on that. Do you

have any idea who will be

replacing you? I've had no

involvement, no discussions in

my replacement. I simply inform

the Prime Minister of my decision to retire as a minister just over a week ago

at national conference. We had

a and engaging conversation. I

informed her of my decision and

she's going to make the

appropriate announcements in

due course. Who would you like to see take over to see take over from you? That's not my call. In

terms of Tasmania we have terms of Tasmania we have some

very, very good quality members and senators but across the

Labor Party caucus there are some very, very good men and

women who will make very, very good minister or ministers,

that's a decision for PM and

we'll know that perhaps later

today. Will the today. Will the reshuffle have been good for the party or lead

to further inflamed tensions. For example, Julia Gillard's

back backers are seen to be

promoted in this, what will be the mood of the party? I don't

know the details or the extent

of the reshuffle. Can I make

this general point? This was part of my consideration in stepping aside as a minister

given my circumstances. I think

it's important from time to

time that the executive in any business or government is

refreshed. I do think it refreshed. I do think it is

appropriate that renewal take

place. That's been part of my considerations. I do think that it is appropriate that there is

a new person or persons brought

forward. In any organisation

you need that renew al. That's an important part of an important part of politics. I don't believe it I don't believe it should be seen as particularly unusual. It hasn't been in the past and

that's important. Good

morning. The senator making it

very clear that decision was his and his alone. That's

right. That's what we normally

hear. But we do know Nick Sherry has those personal

considerations he outlined at

the beginning of that press conference saying it's time to

him for focus on his family

rather than a further ministerial career having been on the frontbench for a long

time. Indeed in Parliament for

a long time, for more than 20

years. But his departure

certainly gives Julia Gillard

the room that she needs to make some changes. And she's

certainly not passing certainly not passing up the opportunity because we're expecting a fairly broad

reshuffle when she makes an

announcement later today. Nick

Sherry's departure means there will be room to will be room to move. We are

expecting that Nicola Roxon

will be moved into the Attorney-General's portfolio and Tania Plibersek to and Tania Plibersek to take over her health portfolio and take her Cabinet position. We're expecting Bill Shorten to

take up a Cabinet position as well in the portfolio of

industrial relations. We heard

Nick Sherry at the end there dismiss suggestions that this

reshuffle is about rewarding

those who helped Julia those who helped Julia Gillard get the Prime Ministership.

Like Bill Shorten. He was

putting it all down to the need

for renewal and refreshment in

a frontbench. And this a frontbench. And this at almost the midway point of Julia Gillard's term is evidently the time evidently the time she has seen

fit to do that. Bill Shorten's

elevation to Cabinet, if confirmed by the Prime Minister

today, would certainly confirm his ascension within Labor

ranks? It would be a very rapid

rise and it would also be quite a fit in industrial a fit in industrial relations having been a very prominent

position before coming into

Parliament. But whenever someone rises it means someone

sells going back down the ladder. That's where the risks

come in for Julia Gillard. We

are expecting of course if Bill Shorten

relations portfolio, it means Shorten gets that industrial

it's taken from Chris Evans the leader of the government in the

Senate. We're also expecting

Kim Carr to be e demoted and

Robert McClelland who expecting will lose the Robert McClelland who we're

Attorney-General's portfolio.

Julia Gillard will have to

ensure that if her team is to

remain steady and not have any

discontent grow by shuffling

people around that people around that she's managed to accommodate them in some some other way. A new opinion

poll didn't quite provide the happy ending the Prime Minister

wanted? It didn't continue the

momentum the Labor Party momentum the Labor Party has

had the last few months of

being able to get a little bit

of traction. We have the

primary vote fairly steady A

bit down in the to party preferred vote. For Julia Gillard it seems she hasn't fare sod well in the fare sod well in the public's

eye after the ALP national

conference last weekend.

A bill of a slid down for

Julia Gillard at the end of the