Senator Arthur Sinodinos has stepped down from the front bench and his role as Assistant Treasurer in the wake of recent revelations of his involvement in Australian Water Holdings, first raised at the Independent Commission Against Corruption in NSW.
Sinodinos made the announcement on the floor of the Senate earlier today, with his role of Assistant Treasurer to be filled by the Minister for Finance Mathias Cormann, who was the Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation prior to the last Federal election.
Sinodinos will remain in Parliament while the ICAC proceedings continue and continue in his role as senator for NSW, a position he took on in October 2011 after the resignation of a Senator Helen Coonan, who held the role of Assistant Treasurer from 2001-2004.
