The Treasurer administers his 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 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 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.[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.
Paul Keating and Wayne Swan are currently the only two to have been named "Euromoney Finance Minister of the Year" by 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:[3]
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.
Order | Treasurer | Party | Prime Minister | Term start | Term end | Term in office | 1 | Sir George Turner | Protectionist}}| | Protectionist | Barton | {{start date|1901|01|01|df=y}} | {{end date|1904|4|26|df=y}} | {{ayd|1901|01|01|1904|4|26}} |
Protectionist}}| | Deakin |
2 | 1|1| 1}} | Labor}}| | Labor | Watson | {{start date|1904|4|27|df=y}} | {{end date|1904|8|17|df=y}} | {{ayd|1904|4|27|1904|8|17}} |
(1) | Sir George Turner | Protectionist}}| | Protectionist | Reid | {{start date|1904|8|17|df=y}} | {{end date|1905|7|4|df=y}} | {{ayd|1904|8|17|1905|07|04}} |
3 | Sir John Forrest | Protectionist}}| | Deakin | {{start date|1905|7|4|df=y}} | {{end date|1907|7|29|df=y}} | {{ayd|1905|07|04|1907|7|29}} |
4 | Sir William Lyne | Protectionist}}| | {{start date|1907|7|30|df=y}} | {{end date|1908|11|12|df=y}} | {{ayd|1907|7|30|1908|11|12}} |
5 | 1|1| 1}} | Labor}}| | Labor | Fisher | {{start date|1908|11|13|df=y}} | {{end date|1909|06|01|df=y}} | {{ayd|1908|11|13|1909|6|1}} |
(3) | Sir John Forrest | Commonwealth Liberal}}| | Commonwealth Liberal | Deakin | {{start date|1909|06|02|df=y}} | {{end date|1910|04|28|df=y}} | {{ayd|1909|6|2|1910|04|28}} |
(5) | 1|1| 1}} | Labor}}| | Labor | Fisher | {{start date|1910|04|29|df=y}} | {{end date|1913|06|23|df=y}} | {{ayd|1910|4|29|1913|06|23}} |
(3) | Sir John Forrest | Commonwealth Liberal}}| | Commonwealth Liberal | Cook | {{start date|1913|06|24|df=y}} | {{end date|1914|09|16|df=y}} | {{ayd|1913|06|24|1914|09|16}} |
(5) | 1|1| 1}} | Labor}}| | Labor | Fisher | {{start date|1914|09|17|df=y}} | {{end date|1915|10|26|df=y}} | {{ayd|1914|09|17|1915|10|26}} |
6 | William Higgs | Labor}}| | Hughes | {{start date|1915|10|27|df=y}} | {{end date|1916|10|27|df=y}} | {{ayd|1915|10|27|1916|10|27}} |
7 | Alexander Poynton | National Labor}}| | National Labor | {{start date|1916|11|14|df=y}} | {{end date|1917|02|16|df=y}} | {{ayd|1916|11|14|1917|02|16}} |
(3) | Sir John Forrest | Nationalist}}| | Nationalist | {{start date|1917|02|17|df=y}} | {{end date|1918|03|26|df=y}} | {{ayd|1917|02|17|1918|03|26}} |
8 | William Watt | Nationalist}}| | {{start date|1918|03|27|df=y}} | {{end date|1920|07|27|df=y}} | {{ayd|1918|03|27|1920|07|27}} |
9 | Sir Joseph Cook | Nationalist}}| | {{start date|1920|07|28|df=y}} | {{end date|1921|12|20|df=y}} | {{ayd|1920|07|28|1921|12|20}} |
10 | Stanley Bruce | Nationalist}}| | {{start date|1921|12|21|df=y}} | {{end date|1923|02|08|df=y}} | {{ayd|1921|12|21|1923|02|08}} |
11 | Dr Earle Page | Nationals}}| | Country | Bruce | {{start date|1923|02|09|df=y}} | {{end date|1929|10|21|df=y}} | {{ayd|1923|02|09|1929|10|21}} |
12 | Ted Theodore | Labor}}| | Labor | Scullin | {{start date|1929|10|22|df=y}} | {{end date|1930|07|08|df=y}} | {{ayd|1929|10|22|1930|07|08}} |
13 | 1|1| 1}} | Labor}}| | {{start date|1930|07|09|df=y}} | {{end date|1931|01|28|df=y}} | {{ayd|1930|07|09|1931|01|28}} |
(12) | Ted Theodore | Labor}}| | {{start date|1931|01|29|df=y}} | {{end date|1932|01|05|df=y}} | {{ayd|1931|01|29|1932|01|05}} |
14 | 1|1| 1}} | UAP}}| | United Australia | Lyons | {{start date|1932|01|06|df=y}} | {{end date|1935|10|02|df=y}} | {{ayd|1932|01|06|1935|10|02}} |
15 | Richard Casey | UAP}}| | {{start date|1935|10|03|df=y}} | {{end date|1939|04|07|df=y}} | {{ayd|1935|10|03|1939|04|25}} |
UAP}}| | Page | {{start date|1939|04|07|df=y}} | {{end date|1939|04|25|df=y}} |
16 | 1|1| 1}} | UAP}}| | Menzies | {{start date|1939|04|26|df=y}} | {{end date|1940|03|13|df=y}} | {{ayd|1939|04|26|1940|03|13}} |
17 | Percy Spender | UAP}}| | {{start date|1940|03|14|df=y}} | {{end date|1940|10|27|df=y}} | {{ayd|1940|03|14|1940|10|27}} |
18 | Arthur Fadden{{ref|1|1| 1}} | Nationals}}| | Country | {{start date|1940|10|28|df=y}} | {{end date|1941|08|29|df=y}} | {{ayd|1940|10|28|1941|10|06}} |
Nationals}}| | Fadden | {{start date|1941|08|29|df=y}} | {{end date|1941|10|06|df=y}} |
19 | Ben Chifley{{ref|1|1| 1}} | Labor}}| | Labor | Curtin | {{start date|1941|10|07|df=y}} | {{end date|1945|07|05|df=y}} | {{ayd|1941|10|07|1949|12|18}} |
Labor}}| | Forde | {{start date|1945|07|06|df=y}} | {{end date|1945|07|13|df=y}} |
Labor}}| | Chifley | {{start date|1945|07|13|df=y}} | {{end date|1949|12|18|df=y}} |
(18) | Sir Arthur Fadden | Nationals}}| | Country | Menzies | {{start date|1949|12|19|df=y}} | {{end date|1958|12|09|df=y}} | {{ayd|1949|12|19|1958|12|09}} |
20 | Harold Holt | Liberal}}| | Liberal | {{start date|1958|12|10|df=y}} | {{end date|1966|01|25|df=y}} | {{ayd|1958|12|10|1966|01|25}} |
21 | William McMahon | Liberal}}| | Holt | {{start date|1966|01|26|df=y}} | {{end date|1967|12|17|df=y}} | {{ayd|1966|01|26|1969|11|11}} |
Liberal}}| | McEwen | {{start date|1967|12|19|df=y}} | {{end date|1968|01|10|df=y}} |
Liberal}}| | Gorton | {{start date|1968|01|10|df=y}} | {{end date|1969|11|11|df=y}} |
22 | Leslie Bury | Liberal}}| | {{start date|1969|11|12|df=y}} | {{end date|1971|03|10|df=y}} | {{ayd|1969|11|12|1971|03|21}} |
Liberal}}| | McMahon | {{start date|1971|03|10|df=y}} | {{end date|1971|03|21|df=y}} |
23 | Billy Snedden | Liberal}}| | {{start date|1971|03|22|df=y}} | {{end date|1972|12|04|df=y}} | {{ayd|1971|03|22|1972|12|04}} |
24 | 1|1| 1}} | Labor}}| | Labor | Whitlam | {{start date|1972|12|05|df=y}} | {{end date|1972|12|18|df=y}} | {{ayd|1972|12|05|1972|12|18}} |
25 | Frank Crean | Labor}}| | {{start date|1972|12|19|df=y}} | {{end date|1974|12|10|df=y}} | {{ayd|1972|12|19|1974|12|10}} |
26 | Dr Jim Cairns | Labor}}| | {{start date|1974|12|11|df=y}} | {{end date|1975|06|05|df=y}} | {{ayd|1974|12|11|1975|06|05}} |
27 | Bill Hayden | Labor}}| | {{start date|1975|06|06|df=y}} | {{end date|1975|11|11|df=y}} | {{ayd|1975|06|06|1975|11|11}} |
28 | Phillip Lynch | Liberal}}| | Liberal | Fraser | {{start date|1975|11|12|df=y}} | {{end date|1977|11|18|df=y}} | {{ayd|1975|11|12|1977|11|18}} |
29 | John Howard | Liberal}}| | {{start date|1977|11|19|df=y}} | {{end date|1983|03|10|df=y}} | {{ayd|1977|11|19|1983|03|10}} |
30 | Paul Keating | Labor}}| | Labor | Hawke | {{start date|1983|03|11|df=y}} | {{end date|1991|06|03|df=y}} | {{ayd|1983|03|11|1991|06|03}} |
31 | 1|1| 1}} | Labor}}| | {{start date|1991|06|03|df=y}} | {{end date|1991|06|04|df=y}} | {{ayd|1991|06|03|1991|06|04}} |
32 | John Kerin | Labor}}| | {{start date|1991|06|04|df=y}} | {{end date|1991|12|08|df=y}} | {{ayd|1991|06|03|1991|12|08}} |
33 | Ralph Willis | Labor}}| | {{start date|1991|12|09|df=y}} | {{end date|1991|12|20|df=y}} | {{ayd|1991|12|09|1991|12|26}} |
Labor}}| | Keating | {{start date|1991|12|20|df=y}} | {{end date|1991|12|26|df=y}} |
34 | John Dawkins | Labor}}| | {{start date|1991|12|27|df=y}} | {{end date|1993|12|22|df=y}} | {{ayd|1991|12|27|1993|12|22}} |
(33) | Ralph Willis | Labor}}| | {{start date|1993|12|23|df=y}} | {{end date|1996|03|10|df=y}} | {{ayd|1993|12|23|1996|03|10}} |
35 | Peter Costello | Liberal}}| | Liberal | Howard | {{start date|1996|03|11|df=y}} | {{end date|2007|12|03|df=y}} | {{ayd|1996|03|11|2007|12|03}} |
36 | Wayne Swan | Labor}}| | Labor | Rudd | {{start date|2007|12|03|df=y}} | {{end date|2010|06|24|df=y}} | {{ayd|2007|12|03|2013|06|27}} |
Labor}}| | Gillard | {{start date|2010|06|24|df=y}} | {{end date|2013|06|27|df=y}} |
37 | Chris Bowen | Labor}}| | Rudd | {{start date|2013|06|27|df=y}} | {{end date|2013|09|18|df=y}} | {{ayd|2013|06|27|2013|09|18}} |
38 | Joe Hockey | Liberal}}| | Liberal | Abbott | {{start date|2013|09|18|df=y}} | 15 September 2015 | {{ayd|2013|09|18|2015|09|21}} |
Liberal}}| | Turnbull | {{start date|2015|09|15|df=y}} | 21 September 2015 |
39 | Scott Morrison | Liberal}}| | {{start date|2015|09|21|df=y}} | {{end date|2018|08|24|df=y}} | {{ayd|2015|09|21|2018|08|24}} |
40 | Josh Frydenberg | Liberal}}| | Morrison | {{start date|2018|08|24|df=y}} | Incumbent | {{ayd|2018|08|24}} |
|
The following individuals have been appointed as Ministers for Revenue and Financial Services, or any precedent titles:[4]
Order | Minister | Party | Prime Minister | Title | Term start | Term end | Term in office | 1 | Stanley Bruce | UAP}}| | UAP | Lyons | Assistant Treasurer | {{start date|1932|1|6|df=y}} | {{end date|1932|6|29|df=y}} | {{age in years and days|1932|1|6|1932|6|29}} |
|
---|
2 | Richard Casey | UAP}}| | UAP | Lyons | Assistant Treasurer | {{start date|1934|10|12|df=y}} | {{end date|1935|10|3|df=y}} | {{age in years and days|1934|10|12|1935|10|3}} |
|
---|
3 | George Gear | Labor}}| | Labor | Keating | Assistant Treasurer | {{start date|1993|3|24|df=y}} | {{end date|1996|3|11|df=y}} | {{age in years and days|1993|3|24|1996|3|11}} |
4 | Jim Short | Liberal}}| | Liberal | Howard | {{end date|1996|3|11|df=y}} | {{start date|1996|10|14|df=y}} | {{age in years and days|1996|3|11|1996|10|14}} |
5 | Rod Kemp | Liberal}}| | {{start date|1996|10|14|df=y}} | {{end date|2001|11|25|df=y}} | {{age in years and days|1996|10|14|2001|11|25}} |
6 | Helen Coonan | Liberal}}| | Minister for Revenue and Assistant Treasurer | {{start date|2001|11|26|df=y}} | {{end date|2004|07|17|df=y}} | {{age in years and days|2001|11|26|2004|07|17}} |
7 | Mal Brough | Liberal}}| | {{start date|2004|07|18|df=y}} | {{end date|2006|01|26|df=y}} | {{age in years and days|2004|07|18|2006|01|26}} |
8 | Peter Dutton | Liberal}}| | {{start date|2006|01|27|df=y}} | {{end date|2007|12|03|df=y}} | {{age in years and days|2006|01|27|2007|12|03}} |
9 | Chris Bowen | Labor}}| | Labor | Rudd | Assistant Treasurer Minister for Competition Policy and Consumer Affairs | {{start date|2007|12|03|df=y}} | {{end date|2009|06|08|df=y}} | {{age in years and days|2007|12|03|2009|06|08}} |
10 | Nick Sherry | Labor}}| | Assistant Treasurer | {{start date|2009|06|09|df=y}} | {{end date|2010|06|24|df=y}} | {{age in years and days|2009|06|09|2010|09|14}} |
Labor}}| | Gillard | {{start date|2010|06|24|df=y}} | {{end date|2010|09|14|df=y}} |
11 | Bill Shorten | Labor}}| | Assistant Treasurer Minister for Financial Services & Superannuation | {{start date|2010|09|14|df=y}} | {{end date|2011|12|14|df=y}} | {{age in years and days|2010|09|14|2011|12|14}} |
12 | Mark Arbib | Labor}}| | Assistant Treasurer | {{start date|2011|12|14|df=y}} | {{end date|2012|03|05|df=y}} | {{age in days|2011|12|14|2012|03|05}} days |
13 | David Bradbury | Labor}}| | Assistant Treasurer Minister Assisting for Financial Services & Superannuation | {{start date|2012|03|05|df=y}} | {{end date|2013|06|27|df=y}} | {{age in years and days|2012|03|05|2013|09|18}} |
Labor}}| | Rudd | {{start date|2013|06|27|df=y}} | {{end date|2013|09|18|df=y}} |
14 | Arthur Sinodinos | Liberal}}| | Liberal | Abbott | Assistant Treasurer | {{start date|2013|9|18|df=y}} | {{end date|2014|12|19|df=y}} | {{age in years and days|2013|9|18|2014|12|19}} |
15 | Josh Frydenberg | Liberal}}| | {{start date|2014|12|23|df=y}} | 15 September 2015 | {{age in years and days|2014|12|23|2015|9|20}} |
Liberal}}| | Turnbull | {{start date|2015|9|15|df=y}} | {{end date|2015|9|21|df=y}} |
16 | Kelly O'Dwyer | Liberal}}| | {{start date|2015|9|21|df=y}} | {{end date|2016|7|19|df=y}} | {{age in years and days|2015|09|21}} |
Liberal}}| | Minister for Revenue and Financial Services | {{start date|2016|7|19|df=y}} | {{end date|2018|8|24|df=y}} |
The following individuals have been appointed as Assistant Minister to the Treasurer:[4]
Order | Minister | Party | Prime Minister | Title | Term start | Term end | Term in office | 1 | Lionel Murphy | Labor}}| | Labor | Whitlam | Attorney-General | {{start date|1972|12|19|df=y}} | {{end date|1974|6|12|df=y}} | {{age in years and days|1972|12|19|1974|6|12}} |
2 | Bill Morrison | Labor}}| | Minister for Science and Consumer Affairs | {{start date|1974|6|12|df=y}} | {{end date|1975|6|6|df=y}} | {{age in days|1974|6|12|1975|6|6}} days |
3 | Clyde Cameron | Labor}}| | {{start date|1975|6|6|df=y}} | {{end date|1975|11|11|df=y}} | {{age in days|1975|6|6|1975|11|11}} days |
4 | Sir Bob Cotton | Liberal}}| | Liberal | Fraser | {{start date|1975|11|11|df=y}} | {{end date|1975|12|22|df=y}} | {{age in days|1975|11|11|1975|12|22}} days |
5 | John Howard | Liberal}}| | Minister for Business and Consumer Affairs | {{start date|1975|12|22|df=y}} | {{end date|1977|7|17|df=y}} | {{age in years and days|1975|12|22|1977|7|17}} |
6 | Wal Fife | Liberal}}| | {{start date|1977|7|17|df=y}} | {{end date|1979|12|8|df=y}} | {{age in years and days|1977|7|17|1979|12|8}} |
7 | Sir Victor Garland | Liberal}}| | {{start date|1979|12|8|df=y}} | {{end date|1980|11|3|df=y}} | {{age in days|1979|12|8|1980|11|3}} days |
8 | John Moore | Liberal}}| | {{start date|1980|11|3|df=y}} | {{end date|1982|4|20|df=y}} | {{age in years and days|1980|11|3|1982|4|20}} |
9 | Neil Brown | Liberal}}| | {{start date|1982|4|20|df=y}} | {{end date|1983|1|11|df=y}} | {{age in days|1982|4|20|1983|3|11}} days |
10 | Barry Cohen | Labor}}| | Labor | Hawke | Minister for Home Affairs and the Environment | {{start date|1983|1|11|df=y}} | {{end date|1984|12|13|df=y}} | {{age in years and days|1983|3|11|1984|12|13}} |
|
---|
11 | Peter Staples | Labor}}| | Labor | Hawke | Minister for Consumer Affairs | {{start date|1987|7|24|df=y}} | {{end date|1988|2|15|df=y}} | {{age in days|1987|7|24|1988|2|15}} days |
12 | Nick Bolkus | Labor}}| | {{start date|1988|2|15|df=y}} | {{end date|1990|4|4|df=y}} | {{age in years and days|1988|2|15|1990|4|4}} |
13 | Michael Tate | Labor}}| | Minister for Justice and Consumer Affairs | {{start date|1990|4|4|df=y}} | {{end date|1991|12|20|df=y}} | {{age in years and days|1990|4|4|1992|5|27}} |
Labor}}| | Keating | {{start date|1991|12|20|df=y}} | {{end date|1992|5|27|df=y}} |
14 | Jeannette McHugh | Labor}}| | Minister for Consumer Affairs | {{start date|1992|5|27|df=y}} | {{end date|1996|3|11|df=y}} | {{age in years and days|1992|5|27|1996|3|11}} |
15 | Geoff Prosser | Liberal}}| | Liberal | Howard | Minister for Small Business and Consumer Affairs | {{start date|1996|3|11|df=y}} | {{end date|1997|7|18|df=y}} | {{age in years and days|1996|3|11|1997|7|18}} |
16 | Chris Ellison | Liberal}}| | Minister for Customs and Consumer Affairs | {{start date|1997|7|18|df=y}} | {{end date|1997|10|9|df=y}} | {{age in days|1997|7|18|1997|10|9}} days |
17 | Warren Truss | National}}| | Nationals | {{start date|1997|10|9|df=y}} | {{end date|1998|10|21|df=y}} | {{age in years and days|1997|10|9|1998|10|21}} |
18 | Joe Hockey | Liberal}}| | Liberal | Minister for Financial Services and Regulation | {{start date|1998|10|21|df=y}} | {{end date|2001|11|26|df=y}} | {{age in years and days|1998|10|21|2001|11|26}} |
|
---|
19 | Chris Bowen | Labor}}| | Labor | Rudd | Minister for Competition Policy and Consumer Affairs | {{start date|2007|12|3|df=y}} | {{end date|2009|6|9|df=y}} | {{age in years and days|2007|12|3|2009|6|9}} |
20 | Craig Emerson | Labor}}| | {{start date|2009|6|9|df=y}} | {{end date|2010|6|20|df=y}} | {{age in years and days|2009|6|9|2010|9|14}} |
Labor}}| | Gillard | {{start date|2010|6|20|df=y}} | {{end date|2010|9|14|df=y}} |
|
---|
21 | David Bradbury | Labor}}| | Labor | Rudd | Minister for Competition Policy and Consumer Affairs | {{start date|2013|7|1|df=y}} | {{end date|2013|9|18|df=y}} | {{age in days|2013|7|1|2013|9|18}} days |
1. ^{{Cite web |url=http://www.aph.gov.au/About_Parliament/Senate/Powers_practice_n_procedures/Senate_Briefs/Brief14 |title=No. 14 - Ministers in the Senate |date=December 2016 |website=Senate Briefs |publisher=Parliament of Australia}}
2. ^{{cite web|url=http://www.news.com.au/national-old/wayne-swan-is-euromoneys-finance-minister-of-the-year/story-e6frfkvr-1226142199651|title=Wayne Swan named the world's best treasurer|date=21 September 2011|publisher=news.com.au|last1=Farr|first1=Malcolm}}
3. ^{{cite web |url=http://www.finance.gov.au/ministers.html |title=Finance and Deregulation Portfolio Ministers |publisher=Commonwealth of Australia |work=Department of Finance |date=19 September 2013 |accessdate=19 September 2013}}
4. ^1 2 3 {{cite web |url=http://ministers.treasury.gov.au/AllMinisters.aspx |title=Past Treasury Ministers |work=The Treasury |publisher=Commonwealth of Australia |year=2013 |accessdate=19 September 2013 }}
5. ^{{cite web |url=http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;adv=yes;orderBy=customrank;page=2;query=Lazzarini;rec=12;resCount=Default |title=Ministries and Cabinets |work=43rd Parliamentary Handbook: Historical information on the Australian Parliament |publisher=Parliament of Australia |year=2010 |accessdate=9 July 2013 }}