Wikipedia

Treasurer of Australia

(Redirected from Treasury Portfolio)
Not to be confused with Minister for Finance (Australia).

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.

Treasurer of Australia
Commonwealth Coat of Arms
Flag of Australia
Incumbent
Jim Chalmers
since 23 May 2022 (2022-05-23)
Department of the Treasury
StyleThe Honourable
Member ofCabinet
Federal Executive Council
National Security Committee
SeatCanberra, ACT
AppointerGovernor-General
on the advice of the prime minister
Term lengthAt the Governor-General's pleasure
Formation1 January 1901 (1901-01-01)
First holderSir George Turner
Websiteministers.treasury.gov.au/ministers/jim-chalmers-2022

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]

The Department of the Treasury, Canberra

Responsibilities and duties

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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] The tradition is due to the fact that under the constitution, appropriate 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.[3] 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.[4]

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 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.[5]

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.

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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:[6]

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:[7]

Treasury portfolio

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Eleven organizations 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

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The following individuals have been appointed as Treasurer of Australia:[6]

Order Treasurer Portrait Party Prime Minister Term start Term end Term in office
1 Sir George Turner     Protectionist Barton 1 January 1901 (1901-01-01) 27 April 1904 (1904-04-27) 3 years, 117 days
Deakin
2 Chris Watson1     Labour Watson 27 April 1904 (1904-04-27) 17 August 1904 (1904-08-17) 112 days
(1) Sir George Turner     Protectionist Reid 17 August 1904 (1904-08-17) 4 July 1905 (1905-07-04) 321 days
3 Sir John Forrest   Deakin 4 July 1905 (1905-07-04) 30 July 1907 (1907-07-30) 2 years, 26 days
4 Sir William Lyne   30 July 1907 (1907-07-30) 13 November 1908 (1908-11-13) 1 year, 106 days
5 Andrew Fisher1     Labour Fisher 13 November 1908 (1908-11-13) 2 June 1909 (1909-06-02) 201 days
(3) Sir John Forrest   Commonwealth Liberal Deakin 2 June 1909 (1909-06-02) 29 April 1910 (1910-04-29) 331 days
(5) Andrew Fisher1     Labour Fisher 29 April 1910 (1910-04-29) 24 June 1913 (1913-06-24) 3 years, 56 days
(3) Sir John Forrest   Commonwealth Liberal Cook 24 June 1913 (1913-06-24) 17 September 1914 (1914-09-17) 1 year, 85 days
(5) Andrew Fisher1     Labor Fisher 17 September 1914 (1914-09-17) 27 October 1915 (1915-10-27) 1 year, 40 days
6 William Higgs   Hughes 27 October 1915 (1915-10-27) 14 November 1916 (1916-11-14) 1 year, 18 days
7 Alexander Poynton     National Labor 14 November 1916 (1916-11-14) 17 February 1917 (1917-02-17) 95 days
(3) Sir John Forrest     Nationalist 17 February 1917 (1917-02-17) 27 March 1918 (1918-03-27) 1 year, 38 days
8 William Watt   27 March 1918 (1918-03-27) 28 July 1920 (1920-07-28) 2 years, 123 days
9 Sir Joseph Cook   28 July 1920 (1920-07-28) 21 December 1921 (1921-12-21) 1 year, 146 days
10 Stanley Bruce   21 December 1921 (1921-12-21) 9 February 1923 (1923-02-09) 1 year, 50 days
11 Earle Page     Country Bruce 9 February 1923 (1923-02-09) 22 October 1929 (1929-10-22) 6 years, 255 days
12 Ted Theodore     Labor Scullin 22 October 1929 (1929-10-22) 9 July 1930 (1930-07-09) 260 days
13 James Scullin1   9 July 1930 (1930-07-09) 29 January 1931 (1931-01-29) 204 days
(12) Ted Theodore   29 January 1931 (1931-01-29) 6 January 1932 (1932-01-06) 342 days
14 Joseph Lyons1     United Australia Lyons 6 January 1932 (1932-01-06) 3 October 1935 (1935-10-03) 3 years, 270 days
15 Richard Casey   3 October 1935 (1935-10-03) 8 April 1939 (1939-04-08) 3 years, 187 days
Page 7 April 1939 (1939-04-07) 26 April 1939 (1939-04-26)
16 Robert Menzies1   Menzies 26 April 1939 (1939-04-26) 14 March 1940 (1940-03-14) 323 days
17 Percy Spender   14 March 1940 (1940-03-14) 28 October 1940 (1940-10-28) 228 days
18 Arthur Fadden1     Country 28 October 1940 (1940-10-28) 30 August 1941 (1941-08-30) 344 days
Fadden 29 August 1941 (1941-08-29) 7 October 1941 (1941-10-07)
19 Ben Chifley1     Labor Curtin 7 October 1941 (1941-10-07) 6 July 1945 (1945-07-06) 8 years, 73 days
Forde 6 July 1945 (1945-07-06) 13 July 1945 (1945-07-13)
Chifley 13 July 1945 (1945-07-13) 19 December 1949 (1949-12-19)
(18) Sir Arthur Fadden     Country Menzies 19 December 1949 (1949-12-19) 10 December 1958 (1958-12-10) 8 years, 356 days
20 Harold Holt     Liberal 10 December 1958 (1958-12-10) 26 January 1966 (1966-01-26) 7 years, 47 days
21 William McMahon   Holt 26 January 1966 (1966-01-26) 18 December 1967 (1967-12-18) 3 years, 290 days
McEwen 19 December 1967 (1967-12-19) 10 January 1968 (1968-01-10)
Gorton 10 January 1968 (1968-01-10) 12 November 1969 (1969-11-12)
22 Les Bury   12 November 1969 (1969-11-12) 10 March 1971 (1971-03-10) 1 year, 130 days
McMahon 10 March 1971 (1971-03-10) 22 March 1971 (1971-03-22)
23 Billy Snedden   22 March 1971 (1971-03-22) 5 December 1972 (1972-12-05) 1 year, 258 days
24 Gough Whitlam1     Labor Whitlam 5 December 1972 (1972-12-05) 19 December 1972 (1972-12-19) 14 days
25 Frank Crean   19 December 1972 (1972-12-19) 11 December 1974 (1974-12-11) 1 year, 357 days
26 Jim Cairns   11 December 1974 (1974-12-11) 6 June 1975 (1975-06-06) 177 days
27 Bill Hayden   6 June 1975 (1975-06-06) 11 November 1975 (1975-11-11) 158 days
28 Phillip Lynch     Liberal Fraser 11 November 1975 (1975-11-11) 19 November 1977 (1977-11-19) 2 years, 8 days
29 John Howard   19 November 1977 (1977-11-19) 11 March 1983 (1983-03-11) 5 years, 112 days
30 Paul Keating     Labor Hawke 11 March 1983 (1983-03-11) 3 June 1991 (1991-06-03) 8 years, 84 days
31 Bob Hawke1   3 June 1991 (1991-06-03) 4 June 1991 (1991-06-04) 1 day
32 John Kerin   4 June 1991 (1991-06-04) 9 December 1991 (1991-12-09) 189 days
33 Ralph Willis   9 December 1991 (1991-12-09) 20 December 1991 (1991-12-20) 18 days
Keating 20 December 1991 (1991-12-20) 27 December 1991 (1991-12-27)
34 John Dawkins   27 December 1991 (1991-12-27) 23 December 1993 (1993-12-23) 1 year, 361 days
(33) Ralph Willis   23 December 1993 (1993-12-23) 11 March 1996 (1996-03-11) 2 years, 79 days
35 Peter Costello     Liberal Howard 11 March 1996 (1996-03-11) 3 December 2007 (2007-12-03) 11 years, 267 days
36 Wayne Swan     Labor Rudd 3 December 2007 (2007-12-03) 24 June 2010 (2010-06-24) 5 years, 206 days
Gillard 24 June 2010 (2010-06-24) 27 June 2013 (2013-06-27)
37 Chris Bowen   Rudd 27 June 2013 (2013-06-27) 18 September 2013 (2013-09-18) 83 days
38 Joe Hockey     Liberal Abbott 18 September 2013 (2013-09-18) 15 September 2015 2 years, 3 days
Turnbull 15 September 2015 (2015-09-15) 21 September 2015
39 Scott Morrison   21 September 2015 (2015-09-21) 24 August 2018 (2018-08-24) 2 years, 337 days
40 Josh Frydenberg2   Morrison 24 August 2018 (2018-08-24) 23 May 2022 (2022-05-23) 3 years, 272 days
(39) Scott Morrison1 2   6 May 2021 (2021-05-06) 1 year, 17 days
41 Jim Chalmers     Labor Albanese 23 May 2022 (2022-05-23) Incumbent 2 years, 183 days
1 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.
2 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 treasurers

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As of 22 November 2024, 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.[8]

Treasurer Term(s) as treasurer Date of birth (and age)
Ralph Willis 1991, 1993–1996 (1938-04-14) 14 April 1938 (age 86)
John Howard 1977–1983 (1939-07-26) 26 July 1939 (age 85)
Paul Keating 1983–1991 (1944-01-18) 18 January 1944 (age 80)
John Dawkins 1991–1993 (1947-03-02) 2 March 1947 (age 77)
Wayne Swan 2007–2013 (1954-06-30) 30 June 1954 (age 70)
Peter Costello 1996–2007 (1957-08-14) 14 August 1957 (age 67)
Joe Hockey 2013–2015 (1965-08-02) 2 August 1965 (age 59)
Scott Morrison 2015–2018, 2021–2022 (1968-05-13) 13 May 1968 (age 56)
Josh Frydenberg 2018–2022 (1971-07-17) 17 July 1971 (age 53)
Chris Bowen 2013 (1973-01-18) 18 January 1973 (age 51)

See also

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References

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  1. ^ 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.
  2. ^ "No. 14 - Ministers in the Senate". Senate Briefs. Parliament of Australia. December 2016.
  3. ^ "Can a senator be treasurer?". Parliamentary Education Office. Retrieved 19 February 2023.
  4. ^ Brenton, Scott (2009). "The What lies beneath: the work of senators and members in the Australian Parliament – Senate versus the House". Parliament of Australia. Retrieved 19 February 2023.
  5. ^ Farr, Malcolm (21 September 2011). "Wayne Swan named the world's best treasurer". news.com.au.
  6. ^ a b "Past Treasury Ministers". The Treasury. Commonwealth of Australia. 2013. Retrieved 19 September 2013.
  7. ^ "Finance and Deregulation Portfolio Ministers". Department of Finance. Commonwealth of Australia. 19 September 2013. Retrieved 19 September 2013.
  8. ^ McIlroy, Tom (29 March 2023). "John Kerin remembered as Labor great". Australian Financial Review. Retrieved 29 March 2023.
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