Incubator escapee wiki

Treasurer of Australia

Article Discussion
Revision as of 12:37, 14 May 2025 by imported>Shuipzv3 (Fixed dead URL, updated ministers)
(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)

Template:Short description Template:Distinguish Template:Use dmy dates Template:Use Australian English Template:Infobox official post

The Treasurer of Australia, also known as the Federal Treasurer or more simply the Treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.

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.<ref>Template:Cite book</ref>

File:Ministère des Finances australien.jpg
The Department of the Treasury, Canberra

Responsibilities and dutiesEdit

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.<ref name="senatebrief14">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The tradition is due to the fact that under the constitution, appropriation bills have to originate from the House, and if the Treasurer is a senator, they would not be able to introduce the bills. This would also mean another minister would need to give the nationally televised budget speech and introduce the bills.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> While no Federal Treasurer has been a member of 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Unlike the scenario in which a treasurer who is a senator cannot present the budget in the House of Representatives, state treasurers who have been members of upper houses have delivered their budgets in the respective lower 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 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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 positionsEdit

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:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

The work of the Department of Finance is closely related to the work of the Department of the Treasury, with the former responsible for budget formation and operational management of government finances. The ministers who have responsibility for the Department of Finance are:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Treasury portfolioEdit

Eleven organizations nominally fall under the auspices of the Australian Treasurer. They entail the provision of policy advice to portfolio ministers; effective government spending and taxation arrangements; and well-functioning markets.

  • 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 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 decision-making, research and discussion within governments and the community. It principally relates to the production of economic, population and social statistics.
  • 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, subject to the government's policies and risk references.
  • The National Competition Council is an independent advisory body for all Australian governments involved in implementing the National Competition Policy. Outputs include: advice provided to governments on competition policy and infrastructure access issues and accessible public information on competition policy.
  • The Productivity Commission is an advisory body on microeconomics policy that contributes to public understanding.
  • The Australian Taxation Office outputs are directed at 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: design and build administrative systems; management of revenue collection and transfers; compliance assurance; and regulation of superannuation funds compliance with retirement income standards. 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 taxpayers.
  • The Australian Competition and Consumer Commission is a regulation agency mandated for consumer rights by industry regulation and price monitoring.
  • The Australian Prudential Regulation Authority is the financial supervisor responsible for prudentially regulating the banking, other deposit-taking, insurance and superannuation industries.
  • 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, and superannuation and banking (except lending). Outputs include: policy, enforcement and guidance about ASIC-administered laws; information on companies and corporate activity; and monitoring and licensing of participants.
  • The Corporations and Markets Advisory Committee (CAMAC) creates reports directed at participation of investors and consumers. It makes recommendations to the responsible Minister on the Corporations Law, and produces and publishes an annual report along with other discussion papers and reports.

List of treasurersEdit

The following individuals have been appointed as Treasurer of Australia:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Order Treasurer Portrait Party Prime Minister Term start Term end Term in office
1 Sir George Turner File:Georgeturner.jpg rowspan="2" Template:Australian party style |  Protectionist Barton Template:Start date Template:End date Template:Ayd
Deakin
2 Chris Watson{{#if:1|1|[1]}} File:ChrisWatsonSepia crop.jpg Template:Australian party style|  Labour Watson Template:Start date Template:End date Template:Ayd
(1) Sir George Turner File:Georgeturner.jpg rowspan="3" Template:Australian party style |  Protectionist Reid Template:Start date Template:End date Template:Ayd
3 Sir John Forrest File:Portrait of John Forrest (cropped).jpg Deakin Template:Start date Template:End date Template:Ayd
4 Sir William Lyne File:William Lyne (cropped).jpg Template:Start date Template:End date Template:Ayd
5 Andrew Fisher{{#if:1|1|[2]}} File:Andrew Fisher 1908.jpg Template:Australian party style|  Labour Fisher Template:Start date Template:End date Template:Ayd
(3) Sir John Forrest File:Portrait of John Forrest (cropped).jpg Template:Australian party style| Commonwealth Liberal Deakin Template:Start date Template:End date Template:Ayd
(5) 1|[3]}} File:Andrew Fisher 1912 (b&w).jpg Template:Australian party style|  Labour Fisher Template:Start date Template:End date Template:Ayd
(3) Sir John Forrest File:Sir John Forrest - Lafayette Studios (cropped).jpg Template:Australian party style| Commonwealth Liberal Cook Template:Start date Template:End date Template:Ayd
(5) 1|[4]}} File:AndrewFisher.jpg rowspan="2" Template:Australian party style |  Labor Fisher Template:Start date Template:End date Template:Ayd
6 William Higgs File:William Higgs.jpg Hughes Template:Start date Template:End date Template:Ayd
7 Alexander Poynton File:Alexander Poynton - Broothorn Studios (cropped).jpg Template:Australian party style|  National Labor Template:Start date Template:End date Template:Ayd
(3) Sir John Forrest File:Sir John Forrest - Lafayette Studios (cropped).jpg rowspan="4" Template:Australian party style |  Nationalist Template:Start date Template:End date Template:Ayd
8 William Watt File:William Watt (cropped).jpg Template:Start date Template:End date Template:Ayd
9 Sir Joseph Cook File:Joseph Cook - Crown Studios 03.jpg Template:Start date Template:End date Template:Ayd
10 Stanley Bruce File:Portrait of Rt. Hon. S.M. Bruce, P.C., M.C. (cropped).jpg Template:Start date Template:End date Template:Ayd
11 Earle Page File:Earle Page - Falk Studios (cropped).jpg Template:Australian party style|  Country Bruce Template:Start date Template:End date Template:Ayd
12 Ted Theodore File:Ted Theodore 1931.jpg rowspan="3" Template:Australian party style |  Labor Scullin Template:Start date Template:End date Template:Ayd
13 James Scullin{{#if:1|1|[5]}} File:Portrait of James H. Scullin (cropped).jpg Template:Start date Template:End date Template:Ayd
(12) Ted Theodore File:Ted Theodore 1931.jpg Template:Start date Template:End date Template:Ayd
14 Joseph Lyons{{#if:1|1|[6]}} File:Joseph Lyons.jpg rowspan="5" Template:Australian party style |  United Australia Lyons Template:Start date Template:End date Template:Ayd
15 Richard Casey File:Richard Casey 1939 (cropped).jpg Template:Start date Template:End date Template:Ayd
Page Template:Start date Template:End date
16 Robert Menzies{{#if:1|1|[7]}} File:Robert Menzies in 1939.jpg Menzies Template:Start date Template:End date Template:Ayd
17 Percy Spender File:Percy Spender 1940.jpg Template:Start date Template:End date Template:Ayd
18 Arthur Fadden{{#if:1|1|[8]}} File:FaddenPEO.jpg rowspan="2" Template:Australian party style |  Country Template:Start date Template:End date Template:Ayd
Fadden Template:Start date Template:End date
19 Ben Chifley{{#if:1|1|[9]}} File:Benchifley.jpg rowspan="3" Template:Australian party style |  Labor Curtin Template:Start date Template:End date Template:Ayd
Forde Template:Start date Template:End date
Chifley Template:Start date Template:End date
(18) Sir Arthur Fadden File:Arthur Fadden.jpg Template:Australian party style|  Country Menzies Template:Start date Template:End date Template:Ayd
20 Harold Holt File:Harold Holt 1964.jpg rowspan="7" Template:Australian party style |  Liberal Template:Start date Template:End date Template:Ayd
21 William McMahon File:William McMahon 1966.jpg Holt Template:Start date Template:End date Template:Ayd
McEwen Template:Start date Template:End date
Gorton Template:Start date Template:End date
22 Les Bury File:Les Bury 1971 (cropped).jpg Template:Start date Template:End date Template:Ayd
McMahon Template:Start date Template:End date
23 Billy Snedden File:Billy Snedden 1971.jpg Template:Start date Template:End date Template:Ayd
24 Gough Whitlam{{#if:1|1|[10]}} File:Gough Whitlam 1972 (cropped).jpg rowspan="4" Template:Australian party style |  Labor Whitlam Template:Start date Template:End date Template:Ayd
25 Frank Crean File:Frank Crean 1973.jpg Template:Start date Template:End date Template:Ayd
26 Jim Cairns File:Jim Cairns 1974 (cropped).jpg Template:Start date Template:End date Template:Ayd
27 Bill Hayden File:Bill Hayden 1974 (cropped).jpg Template:Start date Template:End date Template:Ayd
28 Phillip Lynch File:Phillip Lynch 1974 (cropped).jpg rowspan="2" Template:Australian party style |  Liberal Fraser Template:Start date Template:End date Template:Ayd
29 John Howard File:John Howard 1974 (cropped).jpg Template:Start date Template:End date Template:Ayd
30 Paul Keating File:Paul Keating 1985.jpg rowspan="7" Template:Australian party style |  Labor Hawke Template:Start date Template:End date Template:Ayd
31 Bob Hawke{{#if:1|1|[11]}} File:Bob Hawke 1987 portrait crop.jpg Template:Start date Template:End date Template:Ayd
32 John Kerin File:John Charles Kerin.jpg Template:Start date Template:End date Template:Ayd
33 Ralph Willis File:Ralph Willis.jpg Template:Start date Template:End date Template:Ayd
Keating Template:Start date Template:End date
34 John Dawkins File:John-Dawkins-1984.jpg Template:Start date Template:End date Template:Ayd
(33) Ralph Willis File:Ralph Willis.jpg Template:Start date Template:End date Template:Ayd
35 Peter Costello File:Peter Costello.jpg Template:Australian party style|  Liberal Howard Template:Start date Template:End date Template:Ayd
36 Wayne Swan File:Treasurer Wayne Swan, 2009, crop.jpg rowspan="3" Template:Australian party style |  Labor Rudd Template:Start date Template:End date Template:Ayd
Gillard Template:Start date Template:End date
37 Chris Bowen File:Chris Bowen 2022.jpg Rudd Template:Start date Template:End date Template:Ayd
38 Joe Hockey File:Joe Hockey portrait 1.jpg rowspan="5" Template:Australian party style |  Liberal Abbott Template:Start date 15 September 2015 Template:Ayd
Turnbull Template:Start date 21 September 2015
39 Scott Morrison File:Scott Morrison 2014 crop.jpg Template:Start date Template:End date Template:Ayd
40 Josh Frydenberg{{#if:2|2|[12]}} File:Josh Frydenberg (32654447397) (cropped).jpg Morrison Template:Start date Template:End date Template:Ayd
(39) Scott Morrison{{#if:1|1|[13]}} {{#if:2|2|[14]}} File:Scott Morrison 2014 crop.jpg Template:Start date Template:Ayd
41 Jim Chalmers File:Jim Chalmers 2020.jpg Template:Australian party style |  Labor Albanese Template:Start date Incumbent Template:Ayd
{{#if:1|1|[15]}} Treasurers Watson, Fisher, Scullin, Lyons, Fadden, Menzies, Chifley, Whitlam, Hawke and Morrison were also Prime Minister during some or all of their period as Treasurer.
{{#if:2|2|[16]}} Morrison was appointed as Treasurer by the Governor-General on Morrison's advice in May 2021, with both Morrison and Frydenberg holding the position of Treasurer until May 2022. However, the appointment of Morrison was not made public until August 2022.

Living former treasurersEdit

As of Template:Date, there are ten living former treasurers of Australia, the oldest being Ralph Willis (served 1991, 1993−1996, born 1938). The most recent treasurer to die was Bill Hayden (served 1975) on 21 October 2023. The most recently serving treasurer to die was John Kerin (served 1991) on 29 March 2023.<ref>Template:Cite news</ref>

Treasurer Term(s) as treasurer Date of birth (and age)
Ralph Willis 1991, 1993–1996 Template:Birth date and age
John Howard 1977–1983 Template:Birth date and age
Paul Keating 1983–1991 Template:Birth date and age
John Dawkins 1991–1993 Template:Birth date and age
Wayne Swan 2007–2013 Template:Birth date and age
Peter Costello 1996–2007 Template:Birth date and age
Joe Hockey 2013–2015 Template:Birth date and age
Scott Morrison 2015–2018, 2021–2022 Template:Birth date and age
Josh Frydenberg 2018–2022 Template:Birth date and age
Chris Bowen 2013 Template:Birth date and age

See alsoEdit

ReferencesEdit

Template:Reflist

External linksEdit

Template:Sister project

Template:Treasurers of Australia Template:Australian Treasurers Template:Australian federal ministerial portfolios

Retrieved from "https://zalansite.site/mediawiki/index.php?title=Treasurer_of_Australia&oldid=351505"