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.
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.
Responsibilities and duties 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. The tradition is due to the fact that under the constitution, appropriation 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. 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.
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 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.
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 Financial Services Minister for Small Business Minister for Housing Minister for Homelessness Minister for Cities
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: Minister for Finance Special Minister of State
Treasury portfolio Eleven organizations nominally fall under the auspices of the Australian Treasurer. They entail the provision of policy advice to portfolio ministers; effective government spending and taxation arrangements; and well-functioning markets.
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 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 decision-making, research and discussion within governments and the community. It principally relates to the production of economic, population and social statistics. 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, subject to the government's policies and risk references. The National Competition Council is an independent advisory body for all Australian governments involved in implementing the National Competition Policy. Outputs include: advice provided to governments on competition policy and infrastructure access issues and accessible public information on competition policy. The Productivity Commission is an advisory body on microeconomics policy that contributes to public understanding. The Australian Taxation Office outputs are directed at 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: design and build administrative systems; management of revenue collection and transfers; compliance assurance; and regulation of superannuation funds compliance with retirement income standards. 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 taxpayers. The Australian Competition and Consumer Commission is a regulation agency mandated for consumer rights by industry regulation and price monitoring. The Australian Prudential Regulation Authority is the financial supervisor responsible for prudentially regulating the banking, other deposit-taking, insurance and superannuation industries. 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, and superannuation and banking (except lending). Outputs include: policy, enforcement and guidance about ASIC-administered laws; information on companies and corporate activity; and monitoring and licensing of participants. The Corporations and Markets Advisory Committee (CAMAC) creates reports directed at participation of investors and consumers. It makes recommendations to the responsible Minister on the Corporations Law, and produces and publishes an annual report along with other discussion papers and reports.
List of treasurers The following individuals have been appointed as Treasurer of Australia:
Order Treasurer Portrait Party Prime Minister Term start Term end Term in office 1 Sir George Turner Protectionist Barton Deakin 2 Chris Watson Labour Watson (1) Sir George Turner Protectionist Reid 3 Sir John Forrest Deakin 4 Sir William Lyne 5 Andrew Fisher Labour Fisher (3) Sir John Forrest Commonwealth Liberal Deakin (5) Andrew Fisher Labour Fisher (3) Sir John Forrest Commonwealth Liberal Cook (5) Andrew Fisher Labor Fisher 6 William Higgs Hughes 7 Alexander Poynton National Labor (3) Sir John Forrest Nationalist 8 William Watt 9 Sir Joseph Cook 10 Stanley Bruce 11 Earle Page Country Bruce 12 Ted Theodore Labor Scullin 13 James Scullin (12) Ted Theodore 14 Joseph Lyons United Australia Lyons 15 Richard Casey Page 16 Robert Menzies Menzies 17 Percy Spender 18 Arthur Fadden Country Fadden 19 Ben Chifley Labor Curtin Forde Chifley (18) Sir Arthur Fadden Country Menzies 20 Harold Holt Liberal 21 William McMahon Holt McEwen Gorton 22 Les Bury McMahon 23 Billy Snedden 24 Gough Whitlam Labor Whitlam 25 Frank Crean 26 Jim Cairns 27 Bill Hayden 28 Phillip Lynch Liberal Fraser 29 John Howard 30 Paul Keating Labor Hawke 31 Bob Hawke 32 John Kerin 33 Ralph Willis Keating 34 John Dawkins (33) Ralph Willis 35 Peter Costello Liberal Howard 36 Wayne Swan Labor Rudd Gillard 37 Chris Bowen Rudd 38 Joe Hockey Liberal Abbott 15 September 2015 Turnbull 21 September 2015 39 Scott Morrison 40 Josh Frydenberg Morrison (39) Scott Morrison 41Jim Chalmers LaborAlbanese Incumbent
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. 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
As of , 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. TreasurerTerm(s) as treasurerDate of birth (and age)Ralph Willis1991, 1993–1996John Howard1977–1983Paul Keating1983–1991John Dawkins1991–1993Wayne Swan2007–2013Peter Costello1996–2007Joe Hockey2013–2015Scott Morrison2015–2018, 2021–2022Josh Frydenberg2018–2022Chris Bowen2013
See also Assistant Treasurer of Australia Minister for Financial Services Minister for Consumer Affairs Assistant Minister to the Treasurer
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