Treasurer of Australia
![]() | This article needs additional citations for verification. (November 2021) |
Treasurer of Australia | |
---|---|
![]() Commonwealth Coat of Arms | |
![]() | |
Department of the Treasury | |
Style | The Honourable |
Member of | Cabinet of Australia Federal Executive Council |
Reports to | Prime Minister |
Seat | Canberra, ACT |
Nominator | Prime Minister |
Appointer | Governor-General on the advice of the prime minister |
Term length | At the Governor-General's pleasure |
Constituting instrument | None (constitutional convention) |
Formation | 1 January 1901 |
First holder | Sir George Turner |
Website | treasury |
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Josh Frydenberg whose term began on 24 August 2018.
The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with Prime Minister, Minister for Defence and Attorney-General) that have existed since Federation.[1]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Minist%C3%A8re_des_Finances_australien.jpg/230px-Minist%C3%A8re_des_Finances_australien.jpg)
Duties and importance[]
The Treasurer is the minister in charge of government revenue and expenditure. The Treasurer oversees economic policy: fiscal policy is within the Treasurer's direct responsibility, while monetary policy is implemented by the politically independent Reserve Bank of Australia, the head of which is appointed by the Treasurer. The Treasurer also oversees financial regulation. Each year in May, the Treasurer presents the Federal Budget to the Parliament.
The Prime Minister and Treasurer are traditionally members of the House, but the Constitution does not have such a requirement.[2]
While no Federal Treasurer has been a member of the upper house the Senate, New South Wales, Victoria, Tasmania and South Australia had state Treasurers who had served as members of the Legislative Councils, the states' upper houses.
The Treasurer is a very senior government post, usually ranking second or third in Cabinet. Historically, many Treasurers have previously, concurrently or subsequently served as Prime Minister or Deputy Prime Minister; two subsequently served as Governor-General. Service as Treasurer is seen as an important (though certainly not essential) qualification for serving as Prime Minister: to date, six Treasurers have gone on to be Prime Minister.
Paul Keating and Wayne Swan are currently the only two to have been named "Euromoney Finance Minister of the Year" by Euromoney magazine.[3]
Since 1958, Treasurers in Coalition Governments have often but not always been the deputy leader of the Liberal Party. In contrast, only four Labor Treasurers have also been the deputy leader of the Labor Party.
Related ministerial positions[]
Along with the Treasurer, other ministers have responsibility for the Department of the Treasury. The Treasurer together with these other ministers are known as the "Treasury Ministers". At present, the Treasury Minister positions are:[4]
- Treasurer
- Assistant Treasurer
- Minister for Small Business
The work of the Department of Finance is closely related to the work of the Department of the Treasury. The ministers who have responsibility for the Department of Finance are:[5]
Treasury Portfolio[]
Eleven organisations nominally fall under the auspices of the Australian Treasurer. The agencies undertake a range of activities aimed at achieving strong sustainable economic growth and the improved well-being of Australians. This entails the provision of policy advice to portfolio ministers who seek to promote a sound macroeconomic environment; effective government spending and taxation arrangements; and well-functioning markets. It also entails the effective implementation and administration of policies that fall within the portfolio ministers' responsibilities.
- The Department of the Treasury creates policies and reports for four output groups. These groups are macroeconomic, fiscal, revenue, and markets:
- Macroeconomic reports include: domestic economic policy advice and forecasting; and international economic policy advice and assessment.
- Fiscal reports include: budget policy advice and coordination; Commonwealth-State financial policy advice; and industry, environment and social policy advice.
- Revenue reports include: taxation and income support policy advice.
- Markets reports include: foreign investment policy advice and administration; financial system and corporate governance policy advice; competition and consumer policy advice; and actuarial services. In addition, the Royal Australian Mint is responsible for producing Australia's circulating currency.
- The Australian Bureau of Statistics is Australia's official statistical agency. Its reports are created for informed decision-making, research and discussion within governments and the community, based on the provision of a high quality, objective and responsive national statistical service. It principally relates to the production of economic, population and social statistics.
- The Australian Competition and Consumer Commission outputs are directed at enhanced social and economic welfare of the Australian community by fostering competitive, efficient, fair and informed Australian markets. It strives for compliance with competition, fair trading and consumer protection laws and appropriate remedies when the law is not followed; and competitive market structures and informed behaviour.
- The Australian Office of Financial Management manages the Commonwealth's net debt portfolio. Its reports on debt management directed at ensuring that the Commonwealth net debt portfolio is managed at least cost, subject to the Government's policies and risk references.
- The Australian Prudential Regulation Authority is the financial supervisor responsible for prudentially regulating the banking, other deposit-taking, insurance and superannuation industries. It aims at enhanced public confidence in Australia's financial institutions through a framework of prudential regulation which balances financial safety and efficiency, competition, contestability and competitive neutrality.
- The Australian Securities and Investments Commission (ASIC) is the independent government body that enforces and administers the Corporations Law and Consumer Protection Law for investments, life and general insurance, superannuation and banking (except lending). Its outputs aim at a fair and efficient financial market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers. Outputs include: policy and guidance about the laws administered by ASIC; comprehensive and accurate information on companies and corporate activity; compliance, monitoring and licensing of participants in the financial system to protect consumer interests and ensure market integrity; and enforcement activity to give effect to the laws administered by ASIC.
- The Australian Taxation Office outputs are directed at effectively managed and shaped systems that support and fund services for Australians and give effect to social and economic policy through the tax, superannuation, excise and other related systems. Outputs include: shape, design and build administrative systems; management of revenue collection and transfers; compliance assurance and support - revenue collection; compliance assurance and support for transfers and regulation of superannuation funds compliance with retirement income standards; and services to governments and agencies.
- The Corporations and Markets Advisory Committee (CAMAC) creates reports directed at confident and informed participation of investors and consumers in the financial system. It makes recommendations to the responsible Minister on the Corporations Law, and produces an annual report. It publishes this annual report, along with other discussion papers and reports.
- The Inspector-General of Taxation is an independent statutory office to review systemic tax administration issues and to report to the Government with recommendations for improving tax administration for the benefit of all taxpayers.
- The National Competition Council is an independent advisory body for all Australian governments involved in implementing the National Competition Policy. Its outputs are aimed at the achievement of effective and fair competition reforms and better use of Australia's infrastructure for the benefit of the community. Outputs include: advice provided to governments on competition policy and infrastructure access issues; and clear, accessible public information on competition policy.
- The Productivity Commission contributes to well informed policy decision-making and public understanding on matters relating to Australia's productivity and living standards, based on independent and transparent analysis from a community-wide perspective. Outputs include or relate to: government commissioned projects; performance reporting and other services to government bodies; regulation review activities; competitive neutrality complaints activities; and supporting research and activities and statutory annual reporting
List of Treasurers[]
The following individuals have been appointed as Treasurer of Australia:[4]
Order | Treasurer | Portrait | Party | Prime Minister | Term start | Term end | Term in office | |
---|---|---|---|---|---|---|---|---|
1 | Sir George Turner | ![]() |
Protectionist | Barton | 1 January 1901 | 26 April 1904 | 3 years, 116 days | |
Deakin | ||||||||
2 | Chris Watson1 | ![]() |
Labour | Watson | 27 April 1904 | 17 August 1904 | 112 days | |
(1) | Sir George Turner | ![]() |
Protectionist | Reid | 17 August 1904 | 4 July 1905 | 321 days | |
3 | Sir John Forrest | ![]() |
Deakin | 4 July 1905 | 29 July 1907 | 2 years, 25 days | ||
4 | Sir William Lyne | ![]() |
30 July 1907 | 12 November 1908 | 1 year, 105 days | |||
5 | Andrew Fisher1 | ![]() |
Labour | Fisher | 13 November 1908 | 1 June 1909 | 200 days | |
(3) | Sir John Forrest | ![]() |
Commonwealth Liberal | Deakin | 2 June 1909 | 28 April 1910 | 330 days | |
(5) | Andrew Fisher1 | ![]() |
Labour | Fisher | 29 April 1910 | 23 June 1913 | 3 years, 55 days | |
(3) | Sir John Forrest | ![]() |
Commonwealth Liberal | Cook | 24 June 1913 | 16 September 1914 | 1 year, 84 days | |
(5) | Andrew Fisher1 | ![]() |
Labor | Fisher | 17 September 1914 | 26 October 1915 | 1 year, 39 days | |
6 | William Higgs | ![]() |
Hughes | 27 October 1915 | 27 October 1916 | 1 year, 0 days | ||
7 | Alexander Poynton | ![]() |
National Labor | 14 November 1916 | 16 February 1917 | 94 days | ||
(3) | Sir John Forrest | ![]() |
Nationalist | 17 February 1917 | 26 March 1918 | 1 year, 37 days | ||
8 | William Watt | ![]() |
27 March 1918 | 27 July 1920 | 2 years, 122 days | |||
9 | Sir Joseph Cook | ![]() |
28 July 1920 | 20 December 1921 | 1 year, 145 days | |||
10 | Stanley Bruce | ![]() |
21 December 1921 | 8 February 1923 | 1 year, 49 days | |||
11 | Dr Earle Page | ![]() |
Country | Bruce | 9 February 1923 | 21 October 1929 | 6 years, 254 days | |
12 | Ted Theodore | ![]() |
Labor | Scullin | 22 October 1929 | 8 July 1930 | 259 days | |
13 | James Scullin1 | ![]() |
9 July 1930 | 28 January 1931 | 203 days | |||
(12) | Ted Theodore | ![]() |
29 January 1931 | 5 January 1932 | 341 days | |||
14 | Joseph Lyons1 | ![]() |
United Australia | Lyons | 6 January 1932 | 2 October 1935 | 3 years, 269 days | |
15 | Richard Casey | ![]() |
3 October 1935 | 7 April 1939 | 3 years, 204 days | |||
Page | 7 April 1939 | 25 April 1939 | ||||||
16 | Robert Menzies1 | ![]() |
Menzies | 26 April 1939 | 13 March 1940 | 322 days | ||
17 | Percy Spender | ![]() |
14 March 1940 | 27 October 1940 | 227 days | |||
18 | Arthur Fadden1 | ![]() |
Country | 28 October 1940 | 29 August 1941 | 343 days | ||
Fadden | 29 August 1941 | 6 October 1941 | ||||||
19 | Ben Chifley1 | ![]() |
Labor | Curtin | 7 October 1941 | 5 July 1945 | 8 years, 72 days | |
Forde | 6 July 1945 | 13 July 1945 | ||||||
Chifley | 13 July 1945 | 18 December 1949 | ||||||
(18) | Sir Arthur Fadden | ![]() |
Country | Menzies | 19 December 1949 | 9 December 1958 | 8 years, 355 days | |
20 | Harold Holt | ![]() |
Liberal | 10 December 1958 | 25 January 1966 | 7 years, 46 days | ||
21 | William McMahon | ![]() |
Holt | 26 January 1966 | 17 December 1967 | 3 years, 289 days | ||
McEwen | 19 December 1967 | 10 January 1968 | ||||||
Gorton | 10 January 1968 | 11 November 1969 | ||||||
22 | Les Bury | ![]() |
12 November 1969 | 10 March 1971 | 1 year, 129 days | |||
McMahon | 10 March 1971 | 21 March 1971 | ||||||
23 | Billy Snedden | ![]() |
22 March 1971 | 4 December 1972 | 1 year, 257 days | |||
24 | Gough Whitlam1 | ![]() |
Labor | Whitlam | 5 December 1972 | 18 December 1972 | 13 days | |
25 | Frank Crean | ![]() |
19 December 1972 | 10 December 1974 | 1 year, 356 days | |||
26 | Dr Jim Cairns | ![]() |
11 December 1974 | 5 June 1975 | 176 days | |||
27 | Bill Hayden | ![]() |
6 June 1975 | 11 November 1975 | 158 days | |||
28 | Phillip Lynch | ![]() |
Liberal | Fraser | 12 November 1975 | 18 November 1977 | 2 years, 6 days | |
29 | John Howard | ![]() |
19 November 1977 | 10 March 1983 | 5 years, 111 days | |||
30 | Paul Keating | ![]() |
Labor | Hawke | 11 March 1983 | 3 June 1991 | 8 years, 84 days | |
31 | Bob Hawke1 | ![]() |
3 June 1991 | 4 June 1991 | 1 day | |||
32 | John Kerin | ![]() |
4 June 1991 | 8 December 1991 | 188 days | |||
33 | Ralph Willis | 9 December 1991 | 20 December 1991 | 17 days | ||||
Keating | 20 December 1991 | 26 December 1991 | ||||||
34 | John Dawkins | ![]() |
27 December 1991 | 22 December 1993 | 1 year, 360 days | |||
(33) | Ralph Willis | 23 December 1993 | 10 March 1996 | 2 years, 78 days | ||||
35 | Peter Costello | ![]() |
Liberal | Howard | 11 March 1996 | 3 December 2007 | 11 years, 267 days | |
36 | Wayne Swan | ![]() |
Labor | Rudd | 3 December 2007 | 24 June 2010 | 5 years, 206 days | |
Gillard | 24 June 2010 | 27 June 2013 | ||||||
37 | Chris Bowen | ![]() |
Rudd | 27 June 2013 | 18 September 2013 | 83 days | ||
38 | Joe Hockey | ![]() |
Liberal | Abbott | 18 September 2013 | 15 September 2015 | 2 years, 3 days | |
Turnbull | 15 September 2015 | 21 September 2015 | ||||||
39 | Scott Morrison | ![]() |
21 September 2015 | 24 August 2018 | 2 years, 337 days | |||
40 | Josh Frydenberg | ![]() |
Morrison | 24 August 2018 | Incumbent | 3 years, 160 days |
- 1 Treasurers Watson, Fisher, Scullin, Lyons, Fadden, Menzies, Chifley, Whitlam and Hawke were also Prime Minister during some or all of their period as Treasurer.
List of Assistant Treasurers[]
The following individuals have been appointed as Assistant Treasurer, or any precedent titles:[4]
Order | Minister | Party | Prime Minister | Title | Term start | Term end | Term in office | |
---|---|---|---|---|---|---|---|---|
1 | Stanley Bruce | UAP | Lyons | Assistant Treasurer | 6 January 1932 | 29 June 1932 | 175 days | |
2 | Richard Casey | UAP | Lyons | Assistant Treasurer | 12 October 1934 | 3 October 1935 | 356 days | |
3 | George Gear | Labor | Keating | Assistant Treasurer | 24 March 1993 | 11 March 1996 | 2 years, 353 days | |
4 | Jim Short | Liberal | Howard | 11 March 1996 | 14 October 1996 | 217 days | ||
5 | Rod Kemp | 14 October 1996 | 25 November 2001 | 5 years, 42 days | ||||
6 | Helen Coonan | Minister for Revenue and Assistant Treasurer | 26 November 2001 | 17 July 2004 | 2 years, 234 days | |||
7 | Mal Brough | 18 July 2004 | 26 January 2006 | 1 year, 192 days | ||||
8 | Peter Dutton | 27 January 2006 | 3 December 2007 | 1 year, 310 days | ||||
9 | Chris Bowen | Labor | Rudd | Assistant Treasurer Minister for Competition Policy and Consumer Affairs |
3 December 2007 | 8 June 2009 | 1 year, 187 days | |
10 | Nick Sherry | Assistant Treasurer | 9 June 2009 | 24 June 2010 | 1 year, 97 days | |||
Gillard | 24 June 2010 | 14 September 2010 | ||||||
11 | Bill Shorten | Assistant Treasurer Minister for Financial Services & Superannuation |
14 September 2010 | 14 December 2011 | 1 year, 91 days | |||
12 | Mark Arbib | Assistant Treasurer | 14 December 2011 | 5 March 2012 | 82 days | |||
13 | David Bradbury | Assistant Treasurer Minister Assisting for Financial Services & Superannuation |
5 March 2012 | 27 June 2013 | 1 year, 197 days | |||
Rudd | 27 June 2013 | 18 September 2013 | ||||||
14 | Arthur Sinodinos | Liberal | Abbott | Assistant Treasurer | 18 September 2013 | 19 December 2014 | 1 year, 92 days | |
15 | Josh Frydenberg | 23 December 2014 | 15 September 2015 | 271 days | ||||
Turnbull | 15 September 2015 | 21 September 2015 | ||||||
16 | Kelly O'Dwyer | 21 September 2015 | 19 July 2016 | 2 years, 341 days | ||||
Minister for Revenue and Financial Services | 19 July 2016 | 28 August 2018 | ||||||
17 | Stuart Robert | Morrison | Assistant Treasurer | 28 August 2018 | 29 May 2019 | 274 days | ||
18 | Michael Sukkar | 29 May 2019 | Incumbent | 2 years, 247 days |
List of assistant ministers for superannuation, financial services and financial technology[]
The following individuals have been appointed as Assistant Minister for Superannuation, Financial Services and Financial Technology, or preceding titles:[4]
Order | Minister | Party | Prime Minister | Title | Term start | Term end | Term in office | |
---|---|---|---|---|---|---|---|---|
1 | Kelly O'Dwyer | Liberal | Abbott | Assistant Minister to the Treasurer | 23 December 2014 | 15 September 2015 | 266 days | |
2 | Alex Hawke | Turnbull | 25 September 2015 | 18 July 2016 | 6 years, 128 days | |||
3 | Michael Sukkar | Liberal | Turnbull | Assistant Minister to the Treasurer | 24 January 2017 | 21 August 2018 | 5 years, 7 days | |
4 | Zed Seselja | Morrison | Assistant Minister for Treasury and Finance | 28 August 2018 | 29 May 2019 | 274 days | ||
5 | Jane Hume | Assistant Minister for Superannuation, Financial Services and Financial Technology | 29 May 2019 | Incumbent | 2 years, 247 days |
Former ministerial titles[]
List of ministers for competition policy and consumer affairs[]
The Competition and Consumer Act 2010 (formerly the Trade Practices Act 1974) is administered by the Treasurer through the Australian Competition and Consumer Commission, but was formerly administered by other ministers. The following individuals were appointed as ministers with responsibility for competition and consumer affairs matters:[6]
Order | Minister | Party | Prime Minister | Title | Term start | Term end | Term in office | |
---|---|---|---|---|---|---|---|---|
1 | Lionel Murphy | Labor | Whitlam | Attorney-General | 19 December 1972 | 12 June 1974 | 1 year, 175 days | |
2 | Bill Morrison | Minister for Science and Consumer Affairs | 12 June 1974 | 6 June 1975 | 359 days | |||
3 | Clyde Cameron | 6 June 1975 | 11 November 1975 | 158 days | ||||
4 | Sir Bob Cotton | Liberal | Fraser | 11 November 1975 | 22 December 1975 | 41 days | ||
5 | John Howard | Minister for Business and Consumer Affairs | 22 December 1975 | 17 July 1977 | 1 year, 207 days | |||
6 | Wal Fife | 17 July 1977 | 8 December 1979 | 2 years, 144 days | ||||
7 | Sir Victor Garland | 8 December 1979 | 3 November 1980 | 331 days | ||||
8 | John Moore | 3 November 1980 | 20 April 1982 | 1 year, 168 days | ||||
9 | Neil Brown | 20 April 1982 | 11 January 1983 | 325 days | ||||
10 | Barry Cohen | Labor | Hawke | Minister for Home Affairs and the Environment | 11 January 1983 | 13 December 1984 | 1 year, 277 days | |
11 | Peter Staples | Labor | Hawke | Minister for Consumer Affairs | 24 July 1987 | 15 February 1988 | 206 days | |
12 | Nick Bolkus | 15 February 1988 | 4 April 1990 | 2 years, 48 days | ||||
13 | Michael Tate | Minister for Justice and Consumer Affairs | 4 April 1990 | 20 December 1991 | 2 years, 53 days | |||
Keating | 20 December 1991 | 27 May 1992 | ||||||
14 | Jeannette McHugh | Minister for Consumer Affairs | 27 May 1992 | 11 March 1996 | 3 years, 289 days | |||
15 | Geoff Prosser | Liberal | Howard | Minister for Small Business and Consumer Affairs | 11 March 1996 | 18 July 1997 | 1 year, 129 days | |
16 | Chris Ellison | Minister for Customs and Consumer Affairs | 18 July 1997 | 9 October 1997 | 83 days | |||
17 | Warren Truss | Nationals | 9 October 1997 | 21 October 1998 | 1 year, 12 days | |||
18 | Joe Hockey | Liberal | Minister for Financial Services and Regulation | 21 October 1998 | 26 November 2001 | 3 years, 36 days | ||
19 | Chris Bowen | Labor | Rudd | Minister for Competition Policy and Consumer Affairs | 3 December 2007 | 9 June 2009 | 1 year, 188 days | |
20 | Craig Emerson | 9 June 2009 | 20 June 2010 | 1 year, 97 days | ||||
Gillard | 20 June 2010 | 14 September 2010 | ||||||
21 | David Bradbury | Labor | Rudd | Minister for Competition Policy and Consumer Affairs | 1 July 2013 | 18 September 2013 | 79 days |
References[]
- ^ Elder, DR; Fowler, PE, eds. (June 2018). "Chapter 2: The Ministry". House of Representatives Practice (7th ed.). Canberra, Australia: Commonwealth of Australia. ISBN 978-1-74366-656-2. Retrieved 19 October 2019.
- ^ "No. 14 - Ministers in the Senate". Senate Briefs. Parliament of Australia. December 2016.
- ^ Farr, Malcolm (21 September 2011). "Wayne Swan named the world's best treasurer". news.com.au.
- ^ a b c d "Past Treasury Ministers". The Treasury. Commonwealth of Australia. 2013. Retrieved 19 September 2013.
- ^ "Finance and Deregulation Portfolio Ministers". Department of Finance. Commonwealth of Australia. 19 September 2013. Retrieved 19 September 2013.
- ^ "Ministries and Cabinets". 43rd Parliamentary Handbook: Historical information on the Australian Parliament. Parliament of Australia. 2010. Retrieved 9 July 2013.
External links[]
![]() |
Wikimedia Commons has media related to Treasurers of Australia. |
- Lists of government ministers of Australia
- Treasurers of Australia