Julie Bishop will take the treasury portfolio in the new look coalition front bench announced by federal Opposition Leader Malcolm Turnbull on Monday.

Bishop, who is also deputy Liberal leader, had been widely expected to take the high-profile position shadowing Treasurer Wayne Swan.

She is the first woman to hold the treasury portfolio in either the federal government or opposition.

Joe Hockey will be finance spokesman while Chris Pearce will be financial services, superannuation and corporate law spokesman. Tony Smith will be deputy treasury spokesman.

“We have put together an economic team to provide leadership that has been so sadly lacking from the Rudd government,” Turnbull told reporters in Canberra.

The reshuffle was forced by a change of leadership in the Liberal party last week, when Turnbull defeated Brendan Nelson by four votes after Nelson called a spill.

Nelson declined a front bench position last week, while former immigration minister Chris Ellison announced he would retire from politics.

Nationals Leader Warren Truss will be responsible for trade, transport, regional development and local government.

He will be assisted by Senator Ian Macdonald (northern Australia), Barry Haase (roads and transport) and John Forrest (regional development).

The opposition’s leader in the Senate, Nick Minchin, will be spokesman for broadband communications and the digital economy.

“Nick Minchin will take on the fraud that is Labor’s broadband revolution,” Turnbull said.

“He will be there to take on (minister Stephen) Conroy and with a very powerful combination of experience in communications, finance and in regulation.

“Nick Minchin is perfectly equipped to take on Stephen Conroy and demonstrate the hollowness of this area of the government’s initiative.”

Senior Liberal strategist and former foreign affairs spokesman Andrew Robb will take on a new portfolio dealing with climate change.

It was not immediately clear what the name of his portfolio would be.

“Andrew Robb is filling a new shadow portfolio which will be at the cutting edge of some of the most complex and contentious economic issues,” Turnbull said.

“They include infrastructure and COAG which is shorthand for the federal-state relationship so central to good government in Australia.”

Bruce Billson will work alongside Robb as the opposition spokesman for sustainable development and cities, while Greg Hunt retains the environment job.

Senator Helen Coonan has been given the foreign affairs job, opposite Stephen Smith.