Prime Minister Malcolm Turnbull says his new-look ministry reflects a determination to seize the opportunities of the most exciting times in human history.

Partners and families joined to mark the occasion as the PM spoke at a swearing-in ceremony at Government House on Monday, presenting his ministers to Governor-General Sir Peter Cosgrove.

This included two new positions, both of which were given to Liberals.

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“[The new ministry] will form a government for the 21st century,” Mr Turnbull said.

“A ministry whose composition and focus reflects our determination, to ensure that Australia seizes the opportunities of this the most exciting times in human history.”

There was a strong focus on women in leadership roles, with new Business Minister and Assistant Treasurer Kelly O’Dwyer posing for photos with her baby daughter in tow, while all the women in the ministry had a special photo with the PM.

Marise Payne became Australia’s first female Defence Minister, coincidentally sworn-in by a former chief of Australia’s defence force.

Her elevation to one of the most senior roles in the Turnbull cabinet was warmly welcomed by her colleagues with a “hear, hear” response.

The PM poses with female members of the government. Photo: AAP

Ms Payne is one of five women in cabinet, three more than Tony Abbott appointed to his team.

The government’s new leader in the Senate, Attorney-General George Brandis, was the first to be sworn in.

Treasurer Scott Morrison swore his oath of office on his own bible.

For a full list of minsters in the re-shuffle click here

Assistant Agriculture and Water Resources Minister is Anne Ruston, while, Wyatt Roy, the youngest member of the Turnbull ministry, is Assistant Minister for Industry, Innovation and Science.

The newly sworn-in ministers filed out of the ceremony for the traditional class photo with Sir Cosgrove on the front steps of Government House.

Meanwhile, earlier on Monday, Mr Turnbull laughed off suggestions that he and Scott Morrison had done a deal for prime ministerial succession.

The new Liberal leader was asked whether there was a so-called ‘Kirribilli agreement’ – a reference to the 1988 deal done between Bob Hawke and his then treasurer Paul Keating.

“Scott will do a great job as treasurer and that’s what we’re focused on,” Mr Turnbull told ABC radio on Monday.

Opposition Leader Bill Shorten spoke about the speculation that former treasurer Joe Hockey could walk into a plum diplomatic posting in Washington after politics.

Labor released a higher education policy today, promising cheaper degrees.

“I think this would be Malcolm Turnbull’s first big mistake,” Mr Shorten said.

“What does Malcolm Turnbull really expect Australians to think?

“Malcolm Turnbull doesn’t want Joe Hockey on his frontbench as treasurer. Why on earth would we treat the Americans as second class and send a failed treasurer over there to do that?”

What’s missing from #reshuffle? No minister for disabilities, mental health or housing. These are crucial issues that need ministers #auspol

— Australian Labor (@AustralianLabor) September 21, 2015

Kelly O’Dwyer’s daughter Olivia joined the women in the ministry photo with PM Malcolm Turnbull and Julie Bishop pic.twitter.com/LZHMf8apl7

— andrew meares (@mearesy) September 21, 2015

G-G Sir Peter Cosgrove loaned his reading glasses to Sen Anne Ruston so she could be sworn in as Assistant Minister pic.twitter.com/LrvjBy1jXZ

— andrew meares (@mearesy) September 21, 2015

The honourable @JulieBishopMP – Foreign Minister and director of photography pic.twitter.com/s1x4FjNLgY

— Charles Croucher (@ccroucher9) September 21, 2015

– with AAP