|Treasurer of Australia|
|Department of the Treasury|
|Appointer||Governor-General of Australia on recommendation of Prime Minister of Australia|
|Inaugural holder||Sir George Turner|
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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 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.
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 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.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.
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.
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.
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.
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 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:
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:
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 following individuals have been appointed as Treasurer of Australia:
|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|
|2||Chris Watson 1||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 Fisher 1||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 Fisher 1||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 Fisher 1||Labor||Fisher||17 September 1914||26 October 1915||1 year, 39 days|
|6||William Higgs||Hughes||27 October 1915||27 October 1916||1 year, 0 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 Scullin 1||9 July 1930||28 January 1931||203 days|
|(12)||Ted Theodore||29 January 1931||5 January 1932||341 days|
|14||Joseph Lyons 1||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 Menzies 1||Menzies||26 April 1939||13 March 1940||322 days|
|17||Percy Spender||14 March 1940||27 October 1940||227 days|
|18||Arthur Fadden 1||Country||28 October 1940||29 August 1941||343 days|
|Fadden||29 August 1941||6 October 1941|
|19||Ben Chifley 1||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 Whitlam 1||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 Hawke 1||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||306 days|
The following individuals have been appointed as Assistant Treasurer, or any precedent titles:
|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||2 years, 341 days|
|Minister for Revenue and Financial Services||19 July 2016||28 August 2018|
|17||Stuart Robert||Morrison||Assistant Treasurer||28 August 2018||29 May 2019||274 days|
|18||Michael Sukkar||29 May 2019||Incumbent||28 days|
The following individuals have been appointed as Assistant Minister for Superannuation, Financial Services and Financial Technology, or preceding titles:
|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, 274 days|
|3||Michael Sukkar||Liberal||Turnbull||Assistant Minister to the Treasurer||24 January 2017||21 August 2018||2 years, 153 days|
|4||Zed Seselja||Morrison||Assistant Minister for Treasury and Finance||28 August 2018||29 May 2019||274 days|
|5||Jane Hume||Assistant Minister for Superannuation, Financial Services and Financial Technology||29 May 2019||Incumbent||28 days|
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:
|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|
A treasury is either
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.
Christopher Eyles Guy Bowen is an Australian politician serving as Shadow Minister for Health since 2019, and has served as Member of Parliament (MP) for McMahon since 2010. Bowen served as Treasurer of Australia in 2013, and was a Cabinet Minister in the Rudd and Gillard Governments from 2007 to 2013.
The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:
Banking in Australia is dominated by four major banks: Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking Institutions. Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). Since 2008 the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure.
Ralph Willis AO, Australian politician, was Treasurer for the final years of the Keating Labor Government.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal policy for the forward years. Budgets are called by the year in which they are presented to Parliament and relate to a financial year that commences on the following 1 July and ends on 30 June of the following year, so that the 2018 budget brought down in May 2018 relates to the 2018/19 financial year.
Nicholas John Sherry, a former Australian politician, is a former member of the Australian Senate for the state of Tasmania from July 1990 until June 2012, representing the Australian Labor Party. Sherry was sworn in as the Assistant Treasurer on 9 June 2009, after serving as the first Australian Minister for Superannuation and Corporate Law. Sherry was the first Assistant Treasurer from Tasmania.
The New Zealand Treasury is the central public service department of New Zealand charged with advising the Government on economic policy, assisting with improving the performance of New Zealand's economy, and managing financial resources.
The Department of Finance is a department of the Government of Australia that is charged with the responsibility of assisting the government across a wide range of policy areas to ensure its outcomes are met, particularly with regard to expenditure, financial management, and the operations of government.
The Department of the Prime Minister and Cabinet (PM&C) is an Australian Government public service central department of state with broad ranging responsibilities, primary of which is for intergovernmental and whole of government policy coordination and assisting the Prime Minister of Australia in managing the Cabinet of Australia. The PM&C was established in 1971 and traces its origins back to the Prime Minister's Department established in 1911.
Kenneth Ross "Ken" Henry is an Australian economist and public servant. He served as the Secretary of the Department of the Treasury from 2001 to 2011, first appointed by Liberal Party Treasurer Peter Costello in April 2001, reappointed by Costello in 2006, and retained by the Rudd government. He chaired the Australia's Future Tax System Review, informally known as the Henry Tax Review, which was published in 2010. He retired in March 2011, and on 1 June 2011 was appointed as Special Advisor to the Prime Minister. He chaired the committee which produced a White Paper on "Australia in the Asian Century", released in mid-2012. Henry is the chairman of the Australian Securities Exchange (ASX) and the Sir Roland Wilson Foundation at the Australian National University, and is the outgoing chairman of the National Australia Bank.
The Australian Minister for Financial Services and Superannuation is a former ministerial portfolio of the Government of Australia that existed between 2007 and 2013.
The Department of Treasury and Finance (DTF), often informally referred to as the Treasury, is a government department in Victoria, Australia.
Financial regulation in Australia is extensive and detailed.
The Treasury of New South Wales or New South Wales Treasury, a department of the New South Wales Government, is responsible for state financial management policy and reporting, and providing advice to the government on economic conditions and issues in New South Wales, Australia. NSW Treasury was established in April 1824 and is the oldest continuing government agency in Australia.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities, and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading.
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