Mathias Cormann a strong anchor during some stormy times

Mathias Cormann with his wife Hayley, Charlotte, 4, left, and Isabelle, 7, in Perth on Sunday. Picture: Tony McDonough

Mathias Cormann’s decision to resign from politics and parliament is a big loss to Scott Morrison, the Liberal Party, the Senate and the Australian body politic.

As Finance Minister, Cormann has been disciplined and tough — in the same vein as fellow West Australian and legendary finance minister Labor’s late Peter Walsh — as well as being authoritative and fair-minded.

While the Coalition has had three treasurers — Joe Hockey, Scott Morrison and Josh Frydenberg — there has been only one ­finance minister since 2013.

Cormann has been dutiful and loyal to the Liberal Party and his leaders and, more importantly from a public point of view in having a Senate that works and passes vital legislation, he has been honourable as well.

Ironically, it is Malcolm Turnbull’s unfair questioning of those attributes that has contributed greatly to Cormann’s decision to leave politics. When Cormann informed the then prime minister that he had lost the support of key members of the right of the Liberal Party, Turnbull accused him of being part of the plot and instrumental in his downfall.

It was an injustice that hurt Cormann and affected his morale and influenced his decision to go. It wasn’t the reason, but it was a telling factor.

Cormann was fulfilling his duty — regardless of the fact that Turnbull had called a spill without informing him — and endured Turnbull’s bitterness.

Even the eventual timing and manner of his departure indicates Cormann’s honourable intent. He was preparing to farewell Can­berra last year at the end of the summer sittings but was prevailed upon to remain until the scheduled May federal budget.

The COVID-19 crisis pushed the departure, but Cormann will remain in place until the end of the year so his experience will be there for the July economic statement, the October budget and the mid-year economic review.

This allows Morrison not to rush into a sudden cabinet reshuffle and have the luxury of keeping the team on their toes as junior ministers eye promotion and senior ministers look for new duties.

There will be a period of speculation about who will get the job and which other ministers should be shown the door — including some of Morrison’s hand-picked proteges — and competitive tension isn’t always productive.

But it is typical of Morrison that nothing will be rushed, everything will be incremental and he will ­refuse to allow others to set the timetable.

While the timing is helpful to Morrison, it doesn’t solve the problem that Cormann’s experience will be difficult to replace and that as Treasurer, with little experience at a time of colossal economic challenges, Frydenberg will need even more support.

No one is irreplaceable in politics and a new finance minister will be found. The real trick will be to try to find another Senate leader with the authority and calm ­patience to do deals with fractious minor parties.

Cormann — who is capable of self-deprecating humour and living up to his name as the Belgian waffler — has provided a sea ­anchor for the Coalition politically, as well as a centre of trust.

Finance ministers can be crea­ted. An air of calm authority is ­another matter.