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The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the
Government of Australia The Australian Government, also known as the Commonwealth Government, is the national government of Australia, a federalism, federal parliamentary system, parliamentary constitutional monarchy. Like other Westminster system, Westminster-style ...
who is the head of the
Ministry of the Treasury Ministry may refer to: Government * Ministry (collective executive), the complete body of government ministers under the leadership of a prime minister * Ministry (government department), a department of a government Religion * Christian min ...
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 Joshua Anthony Frydenberg (born 17 July 1971) is an Australian politician A politician is a person active in party politics Politics (from , ) is the set of activities that are associated with making decisions in groups, or other f ...

Josh Frydenberg
whose term began on 24 August 2018. The Treasurer implements ministerial powers through the
Department of the Treasury Department may refer to: * Departmentalization, division of a larger organization into parts with specific responsibility Government and military *Department (country subdivision), a geographical and administrative division within a country, for e ...
and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the
Parliament of Australia The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislative branch A legislature is a deliberative assembly A deliberative assembly is a gathering of members (of any kind ...

Parliament of Australia
with a
seat SEAT S.A. (, ; ''Sociedad Española de Automóviles de Turismo'') is a Spanish car manufacturer, which sells its vehicles under the SEAT and Cupra brands. It was founded on 9 May 1950, by the Instituto Nacional de Industria Instituto Nacional d ...
in the
House of Representatives House of Representatives is the name of legislative bodies A legislature is a deliberative assembly A deliberative assembly is a gathering of members (of any kind of collective) who use parliamentary procedure Parliamentary procedure is ...

House of Representatives
. The office is generally seen as equivalent to the
Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to the chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the chief executive officer of HM Treasury, Her Majesty's Treasury. As one of the four Grea ...
in the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
or the
Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury The Department of the Treasury (USDT) is the national treasury A treasury is either *A government department related to finance and t ...
in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United States
or, in some other countries, the
finance minister A finance minister is an executive or cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass she ...
. It is one of only four ministerial positions (along with Prime Minister, Minister for Defence and Attorney-General) that have existed since
Federation A federation (also known as a federal state) is a political entity A polity is an identifiable political Politics (from , ) is the set of activities that are associated with Decision-making, making decisions in Social group, groups, ...
.


Duties and importance

The Treasurer is the minister in charge of government revenue and expenditure. The Treasurer oversees
economic policy The economic policy of government A government is the system or group of people governing an organized community, generally a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly ...
:
fiscal policy In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of plan ...

fiscal policy
is within the Treasurer's direct responsibility, while
monetary policy Monetary policy is the policy adopted by the monetary authority In finance and economics, a monetary authority is the entity that manages a country’s currency and money supply, often with the objective of controlling inflation targeting, infla ...

monetary policy
is implemented by the politically independent
Reserve Bank of Australia The Reserve Bank of Australia (RBA) is Australia's central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a State (polity), state or formal monetary union, and ov ...
, the head of which is appointed by the Treasurer. The Treasurer also oversees
financial regulation Financial regulation is a form of regulation Regulation is the management of complex systems A complex system is a system composed of many components which may interaction, interact with each other. Examples of complex systems are Earth's ...
. Each year in May, the Treasurer presents the Federal Budget to the Parliament. The
Prime Minister A prime minister or a premier is the head of the cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transpa ...
and Treasurer are traditionally members of the House, but the
Constitution A constitution is an aggregate of fundamental principles A principle is a proposition or value that is a guide for behavior or evaluation. In law, it is a rule Rule or ruling may refer to: Human activity * The exercise of political ...

Constitution
does not have such a requirement. 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 Paul John Keating (born 18 January 1944) is an Australian former politician who served as the 24th prime minister of Australia The prime minister of Australia is the head of government The head of government is either the highest or ...

Paul Keating
and
Wayne Swan Wayne Maxwell Swan (born 30 June 1954) is an Australian politician who is Australian Labor Party National Executive#National Presidents, National President of the Labor Party. He was previously the Deputy Prime Minister of Australia and Australi ...
are currently the only two to have been named "
Euromoney Finance Minister of the Year Every year, ''Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor Euromoney Institutional Investor PLC is ...
" by ''
Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor Euromoney Institutional Investor PLC is one of Europe's largest bu ...
'' magazine. 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: * Treasurer * Assistant Treasurer * Minister for Small Business The work of the
Department of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names across the world, such as "treasury", ...
is closely related to the work of the Department of the Treasury. The ministers who have responsibility for the Department of Finance are: *
Minister for Finance A finance minister is an executive or Cabinet (government), cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's Ministry (government department), portfolio has a large v ...
*
Special Minister of State The Special Minister of State (SMOS) in the Government of Australia The Australian Government, also known as the Commonwealth Government, is the national government of Australia Australia, officially the Commonwealth of Australia, ...


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 Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...
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 Department may refer to: * Departmentalization, division of a larger organization into parts with specific responsibility Government and military *Department (country subdivision), a geographical and administrative division within a country, for e ...
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 The Australian Bureau of Statistics (ABS) is the independent statutory agency of the Australian Government The Australian Government, also known as the Commonwealth Government, is the national government of Australia Austra ...
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 The Australian Competition and Consumer Commission (ACCC) is a Competition regulator A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any t ...
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 The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovere ...
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 The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to pro ...
(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 The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Taxation in Australia, Australian federal taxation sy ...
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 The Productivity Commission is the Australian Government's principal review and advisory body on microeconomic Microeconomics (from Greek prefix ''mikro-'' meaning "small" + ''economics'') is a branch of economics that studies the behavior ...
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: : Treasurers Watson, Fisher, Scullin, Lyons, Fadden, Menzies, Chifley, Whitlam and Hawke were also
Prime Minister A prime minister or a premier is the head of the cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transpa ...
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:


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:


Former ministerial titles


List of ministers for competition policy and consumer affairs

The ''
Competition and Consumer Act 2010 The ''Competition and Consumer Act 2010'' (CCA) is an Act of the Parliament of Australia The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislative branch A legislat ...
'' (formerly the ''Trade Practices Act 1974'') is administered by the Treasurer through the
Australian Competition and Consumer Commission The Australian Competition and Consumer Commission (ACCC) is a Competition regulator A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any t ...
, but was formerly administered by other ministers. The following individuals were appointed as ministers with responsibility for competition and consumer affairs matters:


References


External links

{{Australian federal ministerial portfolios , state=autocollapsed Lists of government ministers of Australia *