Treasurer of Australia

Treasurer of Australia
Incumbent
Josh Frydenberg
since 24 August 2018 (2018-08-24)
Department of the Treasury
Style The Honourable
Appointer Governor-General of Australia on recommendation of Prime Minister of Australia
Inaugural holder Sir George Turner
Formation 1901

The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. The Treasurer plays a key role in the economic policy of the government. The current holder of the position is Josh Frydenberg, whose term began on 24 August 2018.

The Treasurer administers his functions 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.

The Department of the Treasury, Canberra

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.[1] The Treasurer is a very senior government post; 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.[2]

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:[3]

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:[4]

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 (Australia) 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:[3]

Order Treasurer 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   Labor 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   Labor 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   Labor 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 13 November 1916 1 year, 17 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 Leslie 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 58 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 ministers for revenue and financial services

The following individuals have been appointed as Ministers for Revenue and Financial Services, or any precedent titles:[3]

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 3 years, 30 days
Minister for Revenue and Financial Services 19 July 2016 24 August 2018

List of assistant ministers

The following individuals have been appointed as Assistant Minister to the Treasurer:[3]

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 3 years, 26 days
3 Michael Sukkar Liberal Turnbull Assistant Minister to the Treasurer 24 January 2017 21 August 2018 1 year, 270 days
4 Stuart Robert Liberal National Morrison Assistant Minister to the Treasurer 26 August 2018 Incumbent 56 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:[5]

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

  1. ↑ "No. 14 - Ministers in the Senate". Senate Briefs. Parliament of Australia. December 2016.
  2. ↑ Farr, Malcolm (21 September 2011). "Wayne Swan named the world's best treasurer". news.com.au.
  3. 1 2 3 4 "Past Treasury Ministers". The Treasury. Commonwealth of Australia. 2013. Retrieved 19 September 2013.
  4. ↑ "Finance and Deregulation Portfolio Ministers". Department of Finance. Commonwealth of Australia. 19 September 2013. Retrieved 19 September 2013.
  5. ↑ "Ministries and Cabinets". 43rd Parliamentary Handbook: Historical information on the Australian Parliament. Parliament of Australia. 2010. Retrieved 9 July 2013.
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