Treasurer of Australia

Last updated

Treasurer of Australia
Josh Frydenberg April 2019.jpg
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 holderSir George Turner
Formation1901

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.

A minister is a politician who heads a government department, making and implementing decisions on policies in conjunction with the other ministers. In some jurisdictions the head of government is also a minister and is designated the ’prime minister’, ‘premier’, ’chief minister’, ’Chancellor’ or other title.

Government of Australia federal democratic administrative authority of Australia

The Government of Australia is the government of the Commonwealth of Australia, a federal parliamentary constitutional monarchy. It is also commonly referred to as the Australian Government, the Commonwealth Government, Her Majesty's Government, or the Federal Government.

Josh Frydenberg Australian politician

Joshua Anthony Frydenberg is an Australian politician who has been Treasurer of Australia and Deputy Leader of the Liberal Party since 24 August 2018. He has been a member of the Australian House of Representatives for the seat of Kooyong since August 2010.

Contents

The Treasurer administers their 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.

Department of the Treasury (Australia) Australian government department

The Department of the Treasury is the Australian Government department responsible for economic policy, fiscal policy, market regulation, and the Australian federal budget. The Treasury is one of only two government departments that have existed continuously since Federation in 1901, along with the Attorney-General's Department.

Parliament of Australia legislative branch of the Commonwealth of Australia

The Parliament of Australia is the legislative branch of the government of Australia. It consists of three elements: the Crown, the Senate and the House of Representatives. The combination of two elected chambers, in which the members of the Senate represent the states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a fused executive, drawn from the Westminster system.

Divisions of the Australian House of Representatives federal electorates in Australia

In Australia, electoral districts for the Australian House of Representatives are called divisions or more commonly referred to as electorates or seats. There are currently 151 single-member electorates for the Australian 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.

Chancellor of the Exchequer Senior official in the Cabinet of the United Kingdom responsible for economic and financial matters

The Chancellor and Under-Treasurer of Her Majesty's Exchequer, commonly known as the Chancellor of the Exchequer, or simply the Chancellor, is a senior official within the Government of the United Kingdom and head of Her Majesty's Treasury. The office is a British Cabinet-level position.

United Kingdom Country in Europe

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world. The Irish Sea lies between Great Britain and Ireland. The United Kingdom's 242,500 square kilometres (93,600 sq mi) were home to an estimated 66.0 million inhabitants in 2017.

United States Federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

The Department of the Treasury, Canberra Ministere des Finances australien.jpg
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.

Economic policy refers to the actions that governments take in the economic field

The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.

Fiscal policy use of government revenue collection and spending to influence the economy

In economics and political science, fiscal policy is the use of government revenue collection and expenditure (spending) to monitor and influence a nation's economy. It developed out of the Great Depression, when the laissez-faire approach to economic management was ended and government intervention became the means of influencing macroeconomic variables. Fiscal and monetary policy are two sister strategies that are used by the government and the central bank in order to reach a county's economic objectives. The theories of the British economist John Maynard Keynes are the basis for fiscal policy. According to Keynesian economics, when the government changes the levels of taxation and government spending, it influences aggregate demand and the level of economic activity. This influence enables the fiscal authority to target the inflation and to increase employment. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilize the economy over the course of the business cycle.

Monetary policy subclass of the economic policy

Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.

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.

Prime Minister of Australia executive head of the Government of Australia

The Prime Minister of Australia is the head of government of Australia. The individual who holds the office is the most senior Minister of State, the leader of the Federal Cabinet. The Prime Minister also has the responsibility of administering the Department of the Prime Minister and Cabinet, and is the chair of the National Security Committee and the Council of Australian Governments. The office of Prime Minister is not mentioned in the Constitution of Australia but exists through Westminster political convention. The individual who holds the office is commissioned by the Governor-General of Australia and at the Governor-General's pleasure subject to the Constitution of Australia and constitutional conventions.

Constitution of Australia United Kingdom legislation

The Constitution of Australia is the supreme law under which the government of the Commonwealth of Australia operates, including its relationship to the States of Australia. It consists of several documents. The most important is the Constitution of the Commonwealth of Australia, which is referred to as the "Constitution" in the remainder of this article. The Constitution was approved in a series of referendums held over 1898–1900 by the people of the Australian colonies, and the approved draft was enacted as a section of the Commonwealth of Australia Constitution Act 1900 (Imp), an Act of the Parliament of the United Kingdom.

Deputy Prime Minister of Australia

The Deputy Prime Minister of Australia is the second-most senior officer in the Government of Australia. The office of Deputy Prime Minister was officially created as a ministerial portfolio in 1968, although the title had been used informally for many years previously. The Deputy Prime Minister is appointed by the Governor-General on the advice of the Prime Minister. When Australia has a Labor Government, the deputy leader of the parliamentary party holds the position of Deputy Prime Minister. When Australia has a Coalition Government, the Coalition Agreement mandates that all Coalition members support the leader of the Liberal Party becoming Prime Minister and mandates that the leader of the National Party be selected as Deputy 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]

Paul Keating Australian politician, 24th Prime Minister of Australia

Paul John Keating is an Australian politician who served as the 24th Prime Minister of Australia and the Leader of the Labor Party from 1991 to 1996. He had previously served as Treasurer in the Hawke Government from 1983 to 1991.

Wayne Swan Australian politician, 14th Deputy Prime Minister of Australia

Wayne Maxwell Swan is an Australian politician who was the Deputy Prime Minister of Australia and Deputy Leader of the Labor Party from 2010 to 2013, and the Treasurer of Australia from 2007 to 2013.

Every year, Euromoney magazine awards a Finance Minister of the Year award. Past recipients are listed below.

Since the formation of the Liberal Party of Australia, Treasurers in Coalition Governments have often but not always been the Deputy Liberal leader.

In contrast Treasurers in Labor Governments have rarely been the Deputy Labor Leader.

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.

List of Treasurers

The following individuals have been appointed as Treasurer of Australia: [3]

OrderTreasurerPartyPrime MinisterTerm startTerm endTerm in office
1Sir George Turner   Protectionist Barton 1 January 190126 April 19043 years, 116 days
Deakin
2 Chris Watson 1   Labor Watson 27 April 190417 August 1904112 days
(1)Sir George Turner Protectionist Reid 17 August 19044 July 1905321 days
3Sir John Forrest Deakin4 July 190529 July 19072 years, 25 days
4Sir William Lyne 30 July 190712 November 19081 year, 105 days
5 Andrew Fisher 1  Labor Fisher 13 November 19081 June 1909200 days
(3)Sir John Forrest Commonwealth Liberal Deakin2 June 190928 April 1910330 days
(5)Andrew Fisher 1  LaborFisher29 April 191023 June 19133 years, 55 days
(3)Sir John ForrestCommonwealth Liberal Cook 24 June 191316 September 19141 year, 84 days
(5)Andrew Fisher 1  LaborFisher17 September 191426 October 19151 year, 39 days
6 William Higgs Hughes 27 October 191527 October 19161 year, 0 days
7 Alexander Poynton   National Labor 14 November 191616 February 191794 days
(3)Sir John Forrest  Nationalist 17 February 191726 March 19181 year, 37 days
8 William Watt 27 March 191827 July 19202 years, 122 days
9Sir Joseph Cook 28 July 192020 December 19211 year, 145 days
10 Stanley Bruce 21 December 19218 February 19231 year, 49 days
11Dr Earle Page   Country Bruce 9 February 192321 October 19296 years, 254 days
12 Ted Theodore  Labor Scullin 22 October 19298 July 1930259 days
13 James Scullin 1 9 July 193028 January 1931203 days
(12)Ted Theodore29 January 19315 January 1932341 days
14 Joseph Lyons 1   United Australia Lyons 6 January 19322 October 19353 years, 269 days
15 Richard Casey 3 October 19357 April 19393 years, 204 days
Page 7 April 193925 April 1939
16 Robert Menzies 1 Menzies 26 April 193913 March 1940322 days
17 Percy Spender 14 March 194027 October 1940227 days
18 Arthur Fadden 1  Country28 October 194029 August 1941343 days
Fadden 29 August 19416 October 1941
19 Ben Chifley 1  Labor Curtin 7 October 19415 July 19458 years, 72 days
Forde 6 July 194513 July 1945
Chifley 13 July 194518 December 1949
(18)Sir Arthur Fadden CountryMenzies19 December 19499 December 19588 years, 355 days
20 Harold Holt   Liberal 10 December 195825 January 19667 years, 46 days
21 William McMahon Holt 26 January 196617 December 19673 years, 289 days
McEwen 19 December 196710 January 1968
Gorton 10 January 196811 November 1969
22 Leslie Bury 12 November 196910 March 19711 year, 129 days
McMahon 10 March 197121 March 1971
23 Billy Snedden 22 March 19714 December 19721 year, 257 days
24 Gough Whitlam 1  Labor Whitlam 5 December 197218 December 197213 days
25 Frank Crean 19 December 197210 December 19741 year, 356 days
26Dr Jim Cairns 11 December 19745 June 1975176 days
27 Bill Hayden 6 June 197511 November 1975158 days
28 Phillip Lynch  Liberal Fraser 12 November 197518 November 19772 years, 6 days
29 John Howard 19 November 197710 March 19835 years, 111 days
30 Paul Keating  Labor Hawke 11 March 19833 June 19918 years, 84 days
31 Bob Hawke 1 3 June 19914 June 19911 day
32 John Kerin 4 June 19918 December 1991188 days
33 Ralph Willis 9 December 199120 December 199117 days
Keating 20 December 199126 December 1991
34 John Dawkins 27 December 199122 December 19931 year, 360 days
(33)Ralph Willis23 December 199310 March 19962 years, 78 days
35 Peter Costello  Liberal Howard 11 March 19963 December 200711 years, 267 days
36 Wayne Swan  Labor Rudd 3 December 200724 June 20105 years, 206 days
Gillard 24 June 201027 June 2013
37 Chris Bowen Rudd27 June 201318 September 201383 days
38 Joe Hockey  Liberal Abbott 18 September 201315 September 20152 years, 3 days
Turnbull 15 September 201521 September 2015
39 Scott Morrison 21 September 201524 August 20182 years, 337 days
40 Josh Frydenberg Morrison 24 August 2018Incumbent306 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: [3]

OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1 Stanley Bruce UAP Lyons Assistant Treasurer6 January 193229 June 1932175 days
2 Richard Casey UAP Lyons Assistant Treasurer12 October 19343 October 1935356 days
3 George Gear Labor Keating Assistant Treasurer24 March 199311 March 19962 years, 353 days
4 Jim Short Liberal Howard 11 March 199614 October 1996217 days
5 Rod Kemp 14 October 199625 November 20015 years, 42 days
6 Helen Coonan Minister for Revenue and Assistant Treasurer26 November 200117 July 20042 years, 234 days
7 Mal Brough 18 July 200426 January 20061 year, 192 days
8 Peter Dutton 27 January 20063 December 20071 year, 310 days
9 Chris Bowen Labor Rudd Assistant Treasurer
Minister for Competition Policy and Consumer Affairs
3 December 20078 June 20091 year, 187 days
10 Nick Sherry Assistant Treasurer9 June 200924 June 20101 year, 97 days
Gillard 24 June 201014 September 2010
11 Bill Shorten Assistant Treasurer
Minister for Financial Services & Superannuation
14 September 201014 December 20111 year, 91 days
12 Mark Arbib Assistant Treasurer14 December 20115 March 201282 days
13 David Bradbury Assistant Treasurer
Minister Assisting for Financial Services & Superannuation
5 March 201227 June 20131 year, 197 days
Rudd27 June 201318 September 2013
14 Arthur Sinodinos Liberal Abbott Assistant Treasurer18 September 201319 December 20141 year, 92 days
15 Josh Frydenberg 23 December 201415 September 2015271 days
Turnbull 15 September 201521 September 2015
16 Kelly O'Dwyer 21 September 201519 July 20162 years, 341 days
Minister for Revenue and Financial Services19 July 201628 August 2018
17 Stuart Robert Morrison Assistant Treasurer28 August 201829 May 2019274 days
18 Michael Sukkar 29 May 2019Incumbent28 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: [3]

OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1 Kelly O'Dwyer Liberal Abbott Assistant Minister to the Treasurer23 December 201415 September 2015266 days
2 Alex Hawke Turnbull 25 September 201518 July 20163 years, 274 days
3 Michael Sukkar LiberalTurnbullAssistant Minister to the Treasurer24 January 201721 August 20182 years, 153 days
4 Zed Seselja Morrison Assistant Minister for Treasury and Finance28 August 201829 May 2019274 days
5 Jane Hume Assistant Minister for Superannuation, Financial Services and Financial Technology29 May 2019Incumbent28 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]

OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1 Lionel Murphy   Labor Whitlam Attorney-General19 December 197212 June 19741 year, 175 days
2 Bill Morrison Minister for Science and Consumer Affairs12 June 19746 June 1975359 days
3 Clyde Cameron 6 June 197511 November 1975158 days
4Sir Bob Cotton Liberal Fraser 11 November 197522 December 197541 days
5 John Howard Minister for Business and Consumer Affairs22 December 197517 July 19771 year, 207 days
6 Wal Fife 17 July 19778 December 19792 years, 144 days
7Sir Victor Garland 8 December 19793 November 1980331 days
8 John Moore 3 November 198020 April 19821 year, 168 days
9 Neil Brown 20 April 198211 January 1983325 days
10 Barry Cohen Labor Hawke Minister for Home Affairs and the Environment11 January 198313 December 19841 year, 277 days
11 Peter Staples LaborHawkeMinister for Consumer Affairs24 July 198715 February 1988206 days
12 Nick Bolkus 15 February 19884 April 19902 years, 48 days
13 Michael Tate Minister for Justice and Consumer Affairs4 April 199020 December 19912 years, 53 days
Keating 20 December 199127 May 1992
14 Jeannette McHugh Minister for Consumer Affairs27 May 199211 March 19963 years, 289 days
15 Geoff Prosser Liberal Howard Minister for Small Business and Consumer Affairs11 March 199618 July 19971 year, 129 days
16 Chris Ellison Minister for Customs and Consumer Affairs18 July 19979 October 199783 days
17 Warren Truss Nationals 9 October 199721 October 19981 year, 12 days
18 Joe Hockey LiberalMinister for Financial Services and Regulation21 October 199826 November 20013 years, 36 days
19 Chris Bowen Labor Rudd Minister for Competition Policy and Consumer Affairs3 December 20079 June 20091 year, 188 days
20 Craig Emerson 9 June 200920 June 20101 year, 97 days
Gillard 20 June 201014 September 2010
21 David Bradbury LaborRuddMinister for Competition Policy and Consumer Affairs1 July 201318 September 201379 days

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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.