Some described it as a mistake, while others believed it was deliberate as the role had been elevated to the treasurer. As the day wore on, speculation reached fever pitch about who would be responsible for such a controversial sector. The new assistant treasurer Stuart Robert seemed to think it would be him. He went on the airwaves saying he would be the responsible minister for tax, super and financial services. Some believed it was a tad early as decisions were still being made in the office of the new Treasurer Josh Frydenberg. Robert was saying as much in interviews later in the day. The freshly minted Prime Minister Scott Morrison and Josh Frydenberg Credit:Mark Graham/Bloomberg

It is not clear whether the hesitancy was because of negative stories about Robert’s past, including a controversy over a business trip to China, an expensive watch that was gifted to him from a Chinese businessman - that he later said he believed was fake - and share transfers, hadn't left him smelling like roses. The Australian Financial Review wrote in February 2016 that an inquiry by the head of the public service Martin Parkinson found that Mr Robert: "had acted inconsistently with the Statement of Ministerial Standards, although he accepts that Mr Robert may not have intended to do so". Whatever the case, the person overseeing the regulator and holding the banks and super funds to account is best done by someone with an unblemished past, even if the blemish wasn't intended. Loading It will be interesting to see what transpires but having the newly appointed treasurer Josh Frydenberg end up with the responsibility would be a Herculean task.

There is no doubt financial services demands attention at the highest political levels, but given the reforms – and time commitments – required to drain the financial swamp, it would be a lot to ask. The role of treasurer is a massive job, never mind bundling it with financial services. It is why recent treasurers have generally handed over responsibility for the various treasury functions to assistant treasurers and separate financial services portfolios. While it is true that Frydenberg has previously been financial services minister, and did a good job during that time, he was moved into another portfolio before the job was done. Fast forward to today and whoever ends up taking responsibility for the financial services sector will be involved in the fallout of the royal commission, the possible creation of a new regulator, life insurance reforms and an overhaul of the $1.7 trillion superannuation sector. It is one thing for the treasurer and the prime minister to take responsibility for the royal commission but to have enacting its outcomes as part of the treasurer’s portfolio might be too ambitious by half.