Prime Minister Malcolm Turnbull has unveiled a new-look team to lead the innovation portfolio and created a new cyber security ministerial role.

Former environment minister Greg Hunt has been named as the new Minister for Industry, Innovation and Science, where he will run the National Innovation and Science Agenda (NISA).

Hunt replaces Christopher Pyne, who is now the Minister for Defence Industry, a newly-created sub-portfolio in Defence.

Craig Laundy has been appointed as the Assistant Minister for the Industry, Innovation and Science portfolio, replacing Wyatt Roy after he was defeated in the federal election.

Turnbull recommitted to NISA despite criticism in the aftermath of the election that the innovation message had failed to take hold with voters.

""[Hunt] has a key understanding of innovation, he has a keen understanding of science and technology and he will give new leadership to that important portfolio and those important agendas so central to our economic plan," Turnbull said.

A new Minister Assisting the Prime Minister for Cyber Security role has been created, awarded to Dan Tehan.

Angus Taylor retains his title as the Assistant Minister to the Prime Minister for Cities and Digital Transformation.

In addition, Mitch Fifield has held onto the communications portfolio and Fiona Nash retains the regional communications portfolio.

"Changes of role and title"

Turnbull thanked the two former members of parliament that had lost their seats in the election - Wyatt Roy and Peter Hendy - for their contribution to his government.

"I want to thank them for their service and their contribution to the Government as Assistant Ministers," Turnbull said.

Roy, in particular, had been seen as a strong advocate for the technology sector during his time in office.

Turnbull said he had reappointed all cabinet ministers from the government's last term in office. However, he noted that " there are some changes of role and title".

In particular, Turnbull called out the promotion of Christopher Pyne into the new defence industry portfolio, where he will oversee the achievement of the defence industry plan laid out in the defence white paper.

"This is a key national economic development role," Turnbull said.

"This program is vitally important for the future of Australian industry, and especially advanced manufacturing.

"The Minister for Defence Industry will oversee the naval shipbuilding plan, [and] a massive defence industry investment and acquisition program on land, in the air and in cyberspace.

"This is a massive step change set out in the defence white paper. It will drive the jobs and growth in advanced manufacturing and technology right across the country."

Turnbull said that as a result of the election, the government has "a clear mandate to proceed with our policies."

"We are committed to three years of strong, stable economic leadership," he said.

"We will be judged in 2019 by the Australian people as to whether we have delivered on the plans and the programs and the investments that we have promised and set out and described in the lead-up to the election.”