The Australian Financial Review cites a senior government source as saying Senator Cormann plans to leave before the end of this year.

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

The WA 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 government’s upper house leader in 2017.

The budget is usually delivered in May, but has been delayed until October because of the coronavirus.

The Government will also give an economic update on July 23 when the future of JobKeeper wage subsidies, the boosted dole and other support measures will be revealed.

-AAP