Treasurer of Australia explained

Treasurer of Australia should not be confused with Minister for Finance (Australia).

Post:	Treasurer
Body:	Australia
Insignia:	Coat_of_Arms_of_Australia.svg
Insigniacaption:	Commonwealth Coat of Arms
Flag:	Flag of Australia (converted).svg
Flagcaption:	Flag of Australia
Incumbent:	Jim Chalmers
Department:	Department of the Treasury
Style:	The Honourable
Member Of:	Cabinet Federal Executive Council National Security Committee
Seat:	Canberra, ACT
Appointer:	Governor-General
Appointer Qualified:	on the advice of the prime minister
Termlength:	At the Governor-General's pleasure
First:	Sir George Turner

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.^[1]

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.^[2] The tradition is due to the fact that under the constitution, appropriate 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.^[3] 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.^[4]

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 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 Euromoney magazine.^[5]

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:^[6]

Treasurer
Assistant Treasurer
Minister for Financial Services
Minister for Small Business

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:^[7]

Treasury portfolio

Eleven organizations 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 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 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 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 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 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 (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 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 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:^[6]

Order	Treasurer	Portrait	width=150 colspan="2"	Party	width=100	Prime Minister	Term start	Term end	width=130	Term in office
1	Sir George Turner			Protectionist	Barton
Deakin	Sir George Turner			Protectionist
2	Chris Watson				Labour	Watson	align=center		align=center		align=right
(1)	Sir George Turner			Protectionist	Reid	align=center		align=center		align=right
3	Sir John Forrest				Deakin	align=center		align=center		align=right
4	Sir William Lyne				Deakin	align=center		align=center		align=right
5	Andrew Fisher				Labour	Fisher	align=center		align=center		align=right
(3)	Sir John Forrest				Commonwealth Liberal	Deakin	align=center		align=center		align=right
(5)	Andrew Fisher				Labour	Fisher	align=center		align=center		align=right
(3)	Sir John Forrest				Commonwealth Liberal	Cook	align=center		align=center		align=right
(5)	Andrew Fisher			Labor	Fisher	align=center		align=center		align=right
6	William Higgs			Labor	Hughes	align=center		align=center		align=right
7	Alexander Poynton					National Labor	align=center		align=center		align=right
(3)	Sir John Forrest			Nationalist		align=center		align=center		align=right
8	William Watt					align=center		align=center		align=right
9	Sir Joseph Cook					align=center		align=center		align=right
10	Stanley Bruce					align=center		align=center		align=right
11	Earle Page				Country	Bruce	align=center		align=center		align=right
12	Ted Theodore			Labor	Scullin	align=center		align=center		align=right
13	James Scullin					align=center		align=center		align=right
(12)	Ted Theodore					align=center		align=center		align=right
14	Joseph Lyons			United Australia	Lyons	align=center		align=center		align=right
15	Richard Casey				Lyons	align=center		align=center
Page	Richard Casey				align=center		align=center
16	Robert Menzies				Menzies	align=center		align=center		align=right
17	Percy Spender					align=center		align=center		align=right
18	Arthur Fadden			Country		align=center		align=center
Fadden	Arthur Fadden			Country	align=center		align=center
19	Ben Chifley			Labor	Curtin	align=center		align=center
Forde					align=center		align=center
Chifley					align=center		align=center
(18)	Sir Arthur Fadden				Country	Menzies	align=center		align=center		align=right
20	Harold Holt			Liberal	align=center	Menzies		align=center		align=right
21	William McMahon				Holt		align=center
McEwen					align=center		align=center
Gorton					align=center		align=center
22	Les Bury					align=center		align=center
McMahon	Les Bury				align=center		align=center
McMahon	23	Billy Snedden				align=center		align=center		align=right
24	Gough Whitlam			Labor	Whitlam	align=center		align=center		align=right
25	Frank Crean					align=center		align=center		align=right
26	Jim Cairns					align=center		align=center		align=right
27	Bill Hayden					align=center		align=center		align=right
28	Phillip Lynch			Liberal	Fraser	align=center		align=center		align=right
29	John Howard			Liberal	Fraser	align=center		align=center		align=right
30	Paul Keating			Labor	Hawke	align=center		align=center		align=right
31	Bob Hawke					align=center		align=center		align=right
32	John Kerin					align=center		align=center		align=right
33	Ralph Willis					align=center		align=center
Keating	Ralph Willis				align=center		align=center
	34	John Dawkins				align=center		align=center		align=right
	(33)	Ralph Willis				align=center		align=center		align=right
35	Peter Costello				Liberal	Howard	align=center		align=center		align=right
36	Wayne Swan			Labor	Rudd	align=center		align=center
Gillard	Wayne Swan				align=center		align=center
37	Chris Bowen				Rudd	align=center		align=center		align=right
38	Joe Hockey			Liberal	Abbott	align=center		align=center	15 September 2015
Turnbull	Joe Hockey				align=center		align=center	21 September 2015
Turnbull	39	Scott Morrison				align=center		align=center		align=right
40	Josh Frydenberg				Morrison	align=center			align=right
(39)					Morrison	align=center		align=right
41	Jim Chalmers				Labor	Albanese	align=center		align=center	Incumbent	align=right

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.^[8]

Treasurer	Term(s) as treasurer	Date of birth (and age)
Ralph Willis	1991, 1993–1996	14 April 1938
John Howard	1977–1983	26 July 1939
Paul Keating	1983–1991	18 January 1944
John Dawkins	1991–1993	2 March 1947
Wayne Swan	2007–2013	30 June 1954
Peter Costello	1996–2007	14 August 1957
Joe Hockey	2013–2015	2 August 1965
Scott Morrison	2015–2018, 2021–2022	13 May 1968
Josh Frydenberg	2018–2022	17 July 1971
Chris Bowen	2013	18 January 1973

Notes and References

Book: Elder . DR . Fowler . PE . House of Representatives Practice . June 2018 . Commonwealth of Australia . Canberra, Australia . 978-1-74366-656-2 . 7th . 19 October 2019 . en-AU . Chapter 2: The Ministry.
Web site: No. 14 - Ministers in the Senate . December 2016 . Senate Briefs . Parliament of Australia.
Web site: Can a senator be treasurer?. Parliamentary Education Office. 19 February 2023.
Web site: Brenton. Scott. The What lies beneath: the work of senators and members in the Australian Parliament – Senate versus the House. Parliament of Australia. 2009. 19 February 2023.
Web site: Wayne Swan named the world's best treasurer. 21 September 2011. news.com.au. Farr. Malcolm.
Web site: Past Treasury Ministers . The Treasury . . 2013 . 19 September 2013 .
Web site: Finance and Deregulation Portfolio Ministers . . Department of Finance . 19 September 2013 . 19 September 2013.
News: McIlroy . Tom . 2023-03-29 . John Kerin remembered as Labor great . en . Australian Financial Review . 2023-03-29.