Treasurer of Australia
Not to be confused with Minister for Finance (Australia).
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Josh Frydenberg whose term began on 24 August 2018.
Treasurer of Australia

Commonwealth Coat of Arms

Flag of Australia
Josh Frydenberg
since 24 August 2018
Department of the Treasury
StyleThe Honourable
Member ofCabinet of Australia
Federal Executive Council
Reports toPrime Minister
SeatCanberra, ACT
NominatorPrime Minister
on the advice of the prime minister
Term lengthAt the Governor-General's pleasure
Constituting instrumentNone (constitutional convention)
Formation1 January 1901
First holderSir George Turner
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]
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.
The Prime Minister and Treasurer are traditionally members of the House, but the Constitution does not have such a requirement.[2]
While no Federal Treasurer has been a member of the upper house 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.
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.[3]
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:[4]
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:[5]
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:[4]
OrderTreasurerPartyPrime MinisterTerm startTerm endTerm in office
1Sir George Turner ProtectionistBarton1 January 190126 April 19043 years, 116 days
2Chris Watson1 LaborWatson27 April 190417 August 1904112 days
(1)Sir George Turner ProtectionistReid17 August 19044 July 1905321 days
3Sir John ForrestDeakin4 July 190529 July 19072 years, 25 days
4Sir William Lyne30 July 190712 November 19081 year, 105 days
5Andrew Fisher1 LaborFisher13 November 19081 June 1909200 days
(3)Sir John ForrestCommonwealth LiberalDeakin2 June 190928 April 1910330 days
(5)Andrew Fisher1 LaborFisher29 April 191023 June 19133 years, 55 days
(3)Sir John ForrestCommonwealth LiberalCook24 June 191316 September 19141 year, 84 days
(5)Andrew Fisher1 LaborFisher17 September 191426 October 19151 year, 39 days
6William HiggsHughes27 October 191527 October 19161 year, 0 days
7Alexander Poynton National Labor14 November 191616 February 191794 days
(3)Sir John Forrest Nationalist17 February 191726 March 19181 year, 37 days
8William Watt27 March 191827 July 19202 years, 122 days
9Sir Joseph Cook28 July 192020 December 19211 year, 145 days
10Stanley Bruce21 December 19218 February 19231 year, 49 days
11Dr Earle Page CountryBruce9 February 192321 October 19296 years, 254 days
12Ted Theodore LaborScullin22 October 19298 July 1930259 days
13James Scullin19 July 193028 January 1931203 days
(12)Ted Theodore29 January 19315 January 1932341 days
14Joseph Lyons1 United AustraliaLyons6 January 19322 October 19353 years, 269 days
15Richard Casey3 October 19357 April 19393 years, 204 days
Page7 April 193925 April 1939
16Robert Menzies1Menzies26 April 193913 March 1940322 days
17Percy Spender14 March 194027 October 1940227 days
18Arthur Fadden1 Country28 October 194029 August 1941343 days
Fadden29 August 19416 October 1941
19Ben Chifley1 LaborCurtin7 October 19415 July 19458 years, 72 days
Forde6 July 194513 July 1945
Chifley13 July 194518 December 1949
(18)Sir Arthur Fadden CountryMenzies19 December 19499 December 19588 years, 355 days
20Harold Holt Liberal10 December 195825 January 19667 years, 46 days
21William McMahonHolt26 January 196617 December 19673 years, 289 days
McEwen19 December 196710 January 1968
Gorton10 January 196811 November 1969
22Les Bury12 November 196910 March 19711 year, 129 days
McMahon10 March 197121 March 1971
23Billy Snedden22 March 19714 December 19721 year, 257 days
24Gough Whitlam1 LaborWhitlam5 December 197218 December 197213 days
25Frank Crean19 December 197210 December 19741 year, 356 days
26Dr Jim Cairns11 December 19745 June 1975176 days
27Bill Hayden6 June 197511 November 1975158 days
28Phillip Lynch LiberalFraser12 November 197518 November 19772 years, 6 days
29John Howard19 November 197710 March 19835 years, 111 days
30Paul Keating LaborHawke11 March 19833 June 19918 years, 84 days
31Bob Hawke13 June 19914 June 19911 day
32John Kerin4 June 19918 December 1991188 days
33Ralph Willis9 December 199120 December 199117 days
Keating20 December 199126 December 1991
34John Dawkins27 December 199122 December 19931 year, 360 days
(33)Ralph Willis23 December 199310 March 19962 years, 78 days
35Peter Costello LiberalHoward11 March 19963 December 200711 years, 267 days
36Wayne Swan LaborRudd3 December 200724 June 20105 years, 206 days
Gillard24 June 201027 June 2013
37Chris BowenRudd27 June 201318 September 201383 days
38Joe Hockey LiberalAbbott18 September 201315 September 20152 years, 3 days
Turnbull15 September 201521 September 2015
39Scott Morrison21 September 201524 August 20182 years, 337 days
40Josh FrydenbergMorrison24 August 2018Incumbent2 years, 301 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:[4]
OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1Stanley BruceUAPLyonsAssistant Treasurer6 January 193229 June 1932175 days
2Richard CaseyUAPLyonsAssistant Treasurer12 October 19343 October 1935356 days
3George GearLaborKeatingAssistant Treasurer24 March 199311 March 19962 years, 353 days
4Jim ShortLiberalHoward11 March 199614 October 1996217 days
5Rod Kemp14 October 199625 November 20015 years, 42 days
6Helen CoonanMinister for Revenue and Assistant Treasurer26 November 200117 July 20042 years, 234 days
7Mal Brough18 July 200426 January 20061 year, 192 days
8Peter Dutton27 January 20063 December 20071 year, 310 days
9Chris BowenLaborRuddAssistant Treasurer
Minister for Competition Policy and Consumer Affairs
3 December 20078 June 20091 year, 187 days
10Nick SherryAssistant Treasurer9 June 200924 June 20101 year, 97 days
Gillard24 June 201014 September 2010
11Bill ShortenAssistant Treasurer
Minister for Financial Services & Superannuation
14 September 201014 December 20111 year, 91 days
12Mark ArbibAssistant Treasurer14 December 20115 March 201282 days
13David BradburyAssistant Treasurer
Minister Assisting for Financial Services & Superannuation
5 March 201227 June 20131 year, 197 days
Rudd27 June 201318 September 2013
14Arthur SinodinosLiberalAbbottAssistant Treasurer18 September 201319 December 20141 year, 92 days
15Josh Frydenberg23 December 201415 September 2015271 days
Turnbull15 September 201521 September 2015
16Kelly O'Dwyer21 September 201519 July 20162 years, 341 days
Minister for Revenue and Financial Services19 July 201628 August 2018
17Stuart RobertMorrisonAssistant Treasurer28 August 201829 May 2019274 days
18Michael Sukkar29 May 2019Incumbent2 years, 23 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:[4]
OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1Kelly O'DwyerLiberalAbbottAssistant Minister to the Treasurer23 December 201415 September 2015266 days
2Alex HawkeTurnbull25 September 201518 July 20165 years, 269 days
3Michael SukkarLiberalTurnbullAssistant Minister to the Treasurer24 January 201721 August 20184 years, 148 days
4Zed SeseljaMorrisonAssistant Minister for Treasury and Finance28 August 201829 May 2019274 days
5Jane HumeAssistant Minister for Superannuation, Financial Services and Financial Technology29 May 2019Incumbent2 years, 23 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:[6]
OrderMinisterPartyPrime MinisterTitleTerm startTerm endTerm in office
1Lionel Murphy LaborWhitlamAttorney-General19 December 197212 June 19741 year, 175 days
2Bill MorrisonMinister for Science and Consumer Affairs12 June 19746 June 1975359 days
3Clyde Cameron6 June 197511 November 1975158 days
4Sir Bob CottonLiberalFraser11 November 197522 December 197541 days
5John HowardMinister for Business and Consumer Affairs22 December 197517 July 19771 year, 207 days
6Wal Fife17 July 19778 December 19792 years, 144 days
7Sir Victor Garland8 December 19793 November 1980331 days
8John Moore3 November 198020 April 19821 year, 168 days
9Neil Brown20 April 198211 January 1983325 days
10Barry CohenLaborHawkeMinister for Home Affairs and the Environment11 January 198313 December 19841 year, 277 days
11Peter StaplesLaborHawkeMinister for Consumer Affairs24 July 198715 February 1988206 days
12Nick Bolkus15 February 19884 April 19902 years, 48 days
13Michael TateMinister for Justice and Consumer Affairs4 April 199020 December 19912 years, 53 days
Keating20 December 199127 May 1992
14Jeannette McHughMinister for Consumer Affairs27 May 199211 March 19963 years, 289 days
15Geoff ProsserLiberalHowardMinister for Small Business and Consumer Affairs11 March 199618 July 19971 year, 129 days
16Chris EllisonMinister for Customs and Consumer Affairs18 July 19979 October 199783 days
17Warren TrussNationals9 October 199721 October 19981 year, 12 days
18Joe HockeyLiberalMinister for Financial Services and Regulation21 October 199826 November 20013 years, 36 days
19Chris BowenLaborRuddMinister for Competition Policy and Consumer Affairs3 December 20079 June 20091 year, 188 days
20Craig Emerson9 June 200920 June 20101 year, 97 days
Gillard20 June 201014 September 2010
21David BradburyLaborRuddMinister for Competition Policy and Consumer Affairs1 July 201318 September 201379 days
  1. ^ Elder, DR; Fowler, PE, eds. (June 2018). "Chapter 2: The Ministry". House of Representatives Practice (7th ed.). Canberra, Australia: Commonwealth of Australia. ISBN 978-1-74366-656-2. Retrieved 19 October 2019.
  2. ^ "No. 14 - Ministers in the Senate". Senate Briefs. Parliament of Australia. December 2016.
  3. ^ Farr, Malcolm (21 September 2011). "Wayne Swan named the world's best treasurer". news.com.au.
  4. ^ a b c d "Past Treasury Ministers". The Treasury. Commonwealth of Australia. 2013. Retrieved 19 September 2013.
  5. ^ "Finance and Deregulation Portfolio Ministers". Department of Finance. Commonwealth of Australia. 19 September 2013. Retrieved 19 September 2013.
  6. ^ "Ministries and Cabinets". 43rd Parliamentary Handbook: Historical information on the Australian Parliament. Parliament of Australia. 2010. Retrieved 9 July 2013.
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Last edited on 26 April 2021, at 08:36
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