Finance Minister Mathias Cormann will reportedly quit federal politics after the October 6 budget.

The Australian Financial Review on Friday cited a senior government source as saying Senator Cormann planned to leave before the end of 2020.

There’s speculation he could take a job with the Organisation for Economic Co-operation and Development or consider other positions in his home town of Perth.

The Western Australian senator and the government declined to comment on the report.

Senior cabinet colleague Simon Birmingham, who is touted as a potential replacement for Senator Cormann, was tight-lipped about the report.

“I know Mathias is 100 per cent focused on the job that he has as finance minister,” Senator Birmingham told Sky News on Friday.

“These are incredibly challenging budget and economic circumstances.”

The Trade Minister also played down suggestions he could take over the finance portfolio.

“I am 100 committed in my job. Mathias is 100 per cent committed in his and that is what we are both getting on with.”

Senator Cormann entered federal politics in 2007 and became the Coalition’s Senate leader in 2017.

The federal government usually delivers its annual budget in May, but it has been delayed this year because of the coronavirus pandemic.

The October release will follow a federal government budget update on July 23 that will outline the Coalition’s plans for JobSeeker and JobKeeper and other economic issues.