On 7 September 2010, Oakeshott gave his backing to the formation of a Labor minority government. He made the announcement at the end of a 17-minute speech. After announcing his decision, he stated that he had been offered a ministry by Julia Gillard and would be considering the offer. On 10 September 2010 he announced that he had turned down becoming the minister for Regional Australia, a portfolio created because of the agreement between himself, Tony Windsor and the ALP. Oakeshott later released a statement saying that he would accept nomination to be the Speaker of the Australian House of Representatives if he were nominated by another member, provided proposed Parliamentary reforms were put into place. In the event, he was not nominated, and Labor's Harry Jenkins was elected unopposed as speaker. Following Jenkins' resignation from the speakership in November 2011, Oakeshott was again offered the speakership, this time by opposition leader Tony Abbott, in a deal that would deliver government to the Liberal-National coalition. Oakeshott declined and Peter Slipper, a coalition MP, became speaker, allowing the Labor Party to continue in minority government.