Treasurer of Australia

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Not to be confused with Minister for Finance (Australia).
Treasurer of Australia
Incumbent
Joe Hockey
since 18 September 2013 (2013-09-18)
Department of the Treasury
Style The Honourable
Appointer Governor-General of Australia on recommendation of Prime Minister of Australia
Inaugural holder Sir George Turner
Formation 1901

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. By strong Constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives.

The current Treasurer of Australia is the Honourable Joe Hockey MP.

The current Assistant Treasurer is Senator the Honourable Arthur Sinodinos AO.

The Treasurer administers his functions through the Department of the Treasury and a range of other government agencies.

The office is 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, "Finance Minister".

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 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.

Wayne Swan and Paul Keating are currently the only two to have been named "The world's best Treasurer".[1]

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:[2]

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]

List of Treasurers

The following individuals have been appointed as Treasurer of Australia:[2]

Order Minister Party Prime Minister Title Term start Term end Term in office
1 Sir George Turner   Protectionist Barton Treasurer of Australia 1 January 1901 (1901-01-01) 26 April 1904 (1904-04-26) 3 years, 116 days
  Deakin
2 Chris Watson1   Labor Watson 27 April 1904 (1904-04-27) 17 August 1904 (1904-08-17) 112 days
(1) Sir George Turner   Protectionist Reid 17 August 1904 (1904-08-17) 4 July 1905 (1905-07-04) 321 days
3 Sir John Forrest   Deakin 4 July 1905 (1905-07-04) 29 July 1907 (1907-07-29) 2 years, 25 days
4 Sir William Lyne   30 July 1907 (1907-07-30) 12 November 1908 (1908-11-12) 1 year, 105 days
5 Andrew Fisher1   Labor Fisher 13 November 1908 (1908-11-13) 1 June 1909 (1909-06-01) 200 days
(3) Sir John Forrest   Protectionist Deakin 2 June 1909 (1909-06-02) 28 April 1910 (1910-04-28) 330 days
(5) Andrew Fisher1   Labor Fisher 29 April 1910 (1910-04-29) 23 June 1913 (1913-06-23) 4 years, 21 days
(3) Sir John Forrest   Commonwealth Liberal Cook 24 June 1913 (1913-06-24) 16 September 1914 (1914-09-16) 1 year, 84 days
(5) Andrew Fisher1   Labor Fisher 17 September 1914 (1914-09-17) 26 October 1915 (1915-10-26) 1 year, 39 days
6 William Higgs   Hughes 27 October 1915 (1915-10-27) 13 November 1916 (1916-11-13) 1 year, 17 days
7 Alexander Poynton   National Labor 14 November 1916 (1916-11-14) 16 February 1917 (1917-02-16) 94 days
(3) Sir John Forrest   Nationalist 17 February 1917 (1917-02-17) 26 March 1918 (1918-03-26) 1 year, 37 days
8 William Watt   27 March 1918 (1918-03-27) 27 July 1920 (1920-07-27) 2 years, 122 days
9 Sir Joseph Cook   28 July 1920 (1920-07-28) 20 December 1921 (1921-12-20) 1 year, 145 days
10 Stanley Bruce   21 December 1921 (1921-12-21) 8 February 1923 (1923-02-08) 1 year, 49 days
11 Dr Earle Page   Country Bruce 9 February 1923 (1923-02-09) 21 October 1929 (1929-10-21) 6 years, 254 days
12 Ted Theodore   Labor Scullin 22 October 1929 (1929-10-22) 8 July 1930 (1930-07-08) 259 days
13 James Scullin1   9 July 1930 (1930-07-09) 28 January 1931 (1931-01-28) 203 days
(12) Ted Theodore   29 January 1931 (1931-01-29) 5 January 1932 (1932-01-05) 341 days
14 Joseph Lyons1   United Australia Lyons 6 January 1932 (1932-01-06) 2 October 1935 (1935-10-02) 3 years, 269 days
15 Richard Casey   3 October 1935 (1935-10-03) 7 April 1939 (1939-04-07) 3 years, 204 days
  Page 7 April 1939 (1939-04-07) 25 April 1939 (1939-04-25)
16 Robert Menzies1   Menzies 26 April 1939 (1939-04-26) 13 March 1940 (1940-03-13) 322 days
17 Percy Spender   14 March 1940 (1940-03-14) 27 October 1940 (1940-10-27) 227 days
18 Arthur Fadden1   Country 28 October 1940 (1940-10-28) 29 August 1941 (1941-08-29) 343 days
  Fadden 29 August 1941 (1941-08-29) 6 October 1941 (1941-10-06)
19 Ben Chifley1   Labor Curtin 7 October 1941 (1941-10-07) 5 July 1945 (1945-07-05) 8 years, 72 days
  Forde 6 July 1945 (1945-07-06) 13 July 1945 (1945-07-13)
  Chifley 13 July 1945 (1945-07-13) 18 December 1949 (1949-12-18)
(18) Sir Arthur Fadden   Country Menzies 19 December 1949 (1949-12-19) 9 December 1958 (1958-12-09) 8 years, 355 days
20 Harold Holt   Liberal 10 December 1958 (1958-12-10) 25 January 1966 (1966-01-25) 7 years, 46 days
21 William McMahon   Holt 26 January 1966 (1966-01-26) 17 December 1967 (1967-12-17) 3 years, 289 days
  McEwen 19 December 1967 (1967-12-19) 10 January 1968 (1968-01-10)
  Gorton 10 January 1968 (1968-01-10) 11 November 1969 (1969-11-11)
22 Leslie Bury   12 November 1969 (1969-11-12) 10 March 1971 (1971-03-10) 1 year, 129 days
  McMahon 10 March 1971 (1971-03-10) 21 March 1971 (1971-03-21)
23 Billy Snedden   22 March 1971 (1971-03-22) 4 December 1972 (1972-12-04) 1 year, 257 days
24 Gough Whitlam1   Labor Whitlam 5 December 1972 (1972-12-05) 18 December 1972 (1972-12-18) 13 days
25 Frank Crean   19 December 1972 (1972-12-19) 10 December 1974 (1974-12-10) 1 year, 356 days
26 Dr Jim Cairns   11 December 1974 (1974-12-11) 5 June 1975 (1975-06-05) 176 days
27 Bill Hayden   6 June 1975 (1975-06-06) 10 November 1975 (1975-11-10) 157 days
28 Phillip Lynch   Liberal Fraser 11 November 1975 (1975-11-11) 18 November 1977 (1977-11-18) 2 years, 7 days
29 John Howard   19 November 1977 (1977-11-19) 10 March 1983 (1983-03-10) 5 years, 111 days
30 Paul Keating   Labor Hawke 11 March 1983 (1983-03-11) 2 June 1991 (1991-06-02) 8 years, 83 days
31 Bob Hawke1   3 June 1991 (1991-06-03) 3 June 1991 (1991-06-03) 0 day
32 John Kerin   4 June 1991 (1991-06-04) 8 December 1991 (1991-12-08) 187 days
33 Ralph Willis   9 December 1991 (1991-12-09) 20 December 1991 (1991-12-20) 17 days
  Keating 20 December 1991 (1991-12-20) 26 December 1991 (1991-12-26)
34 John Dawkins   27 December 1991 (1991-12-27) 22 December 1993 (1993-12-22) 1 year, 360 days
(33) Ralph Willis   23 December 1993 (1993-12-23) 10 March 1996 (1996-03-10) 2 years, 78 days
35 Peter Costello   Liberal Howard 11 March 1996 (1996-03-11) 3 December 2007 (2007-12-03) 11 years, 267 days
36 Wayne Swan   Labor Rudd 3 December 2007 (2007-12-03) 24 June 2010 (2010-06-24) 5 years, 206 days
  Gillard 24 June 2010 (2010-06-24) 27 June 2013 (2013-06-27)
37 Chris Bowen   Rudd 27 June 2013 (2013-06-27) 18 September 2013 (2013-09-18) 83 days
38 Joe Hockey   Liberal Abbott 18 September 2013 (2013-09-18) incumbent 147 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 Treasurers:[2]

Order Minister Party Prime Minister Title Term start Term end Term in office
1 Rod Kemp Liberal Howard Assistant Treasurer 14 October 1996 (1996-10-14) 25 November 2001 (2001-11-25) 5 years, 42 days
2 Helen Coonan Minister for Revenue and Assistant Treasurer 26 November 2001 (2001-11-26) 17 July 2004 (2004-07-17) 2 years, 234 days
3 Mal Brough 18 July 2004 (2004-07-18) 26 January 2006 (2006-01-26) 1 year, 192 days
4 Peter Dutton 27 January 2006 (2006-01-27) 3 December 2007 (2007-12-03) 1 year, 310 days
5 Chris Bowen Labor Rudd Assistant Treasurer
Minister for Competition Policy and Consumer Affairs		 3 December 2007 (2007-12-03) 8 June 2009 (2009-06-08) 1 year, 187 days
6 Nick Sherry Assistant Treasurer 9 June 2009 (2009-06-09) 24 June 2010 (2010-06-24) 1 year, 97 days
Gillard 24 June 2010 (2010-06-24) 14 September 2010 (2010-09-14)
7 Bill Shorten Assistant Treasurer
Minister for Financial Services & Superannuation		 14 September 2010 (2010-09-14) 14 December 2011 (2011-12-14) 1 year, 91 days
8 Mark Arbib Assistant Treasurer 14 December 2011 (2011-12-14) 5 March 2012 (2012-03-05) 82 days
9 David Bradbury Assistant Treasurer
Minister Assisting for Financial Services & Superannuation		 5 March 2012 (2012-03-05) 27 June 2013 (2013-06-27) 1 year, 197 days
Rudd 27 June 2013 (2013-06-27) 18 September 2013 (2013-09-18)
10 Arthur Sinodinos Liberal Abbott Assistant Treasurer 18 September 2013 (2013-09-18) incumbent 147 days

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:[4]

Order Minister Party Prime Minister Title Term start Term end Term in office
1 Lionel Murphy   Labor Whitlam Attorney-General 19 December 1972 (1972-12-19) 12 June 1974 (1974-06-12) 1 year, 175 days
2 Bill Morrison Minister for Science and Consumer Affairs 12 June 1974 (1974-06-12) 6 June 1975 (1975-06-06) 359 days
3 Clyde Cameron 6 June 1975 (1975-06-06) 11 November 1975 (1975-11-11) 158 days
4 Sir Bob Cotton Liberal Fraser 11 November 1975 (1975-11-11) 22 December 1975 (1975-12-22) 41 days
5 John Howard Minister for Business and Consumer Affairs 22 December 1975 (1975-12-22) 17 July 1977 (1977-07-17) 1 year, 207 days
6 Wal Fife 17 July 1977 (1977-07-17) 8 December 1979 (1979-12-08) 2 years, 144 days
7 Sir Victor Garland 8 December 1979 (1979-12-08) 3 November 1980 (1980-11-03) 331 days
8 John Moore 3 November 1980 (1980-11-03) 20 April 1982 (1982-04-20) 1 year, 168 days
9 Neil Brown 20 April 1982 (1982-04-20) 11 January 1983 (1983-01-11) 325 days
10 Barry Cohen Labor Hawke Minister for Home Affairs and the Environment 11 January 1983 (1983-01-11) 13 December 1984 (1984-12-13) 1 year, 277 days
11 Peter Staples Labor Hawke Minister for Consumer Affairs 24 July 1987 (1987-07-24) 15 February 1988 (1988-02-15) 206 days
12 Nick Bolkus 15 February 1988 (1988-02-15) 4 April 1990 (1990-04-04) 2 years, 48 days
13 Michael Tate Minister for Justice and Consumer Affairs 4 April 1990 (1990-04-04) 20 December 1991 (1991-12-20) 2 years, 53 days
Keating 20 December 1991 (1991-12-20) 27 May 1992 (1992-05-27)
14 Jeannette McHugh Minister for Consumer Affairs 27 May 1992 (1992-05-27) 11 March 1996 (1996-03-11) 3 years, 289 days
15 Geoff Prosser Liberal Howard Minister for Small Business and Consumer Affairs 11 March 1996 (1996-03-11) 18 July 1997 (1997-07-18) 1 year, 129 days
16 Chris Ellison Minister for Customs and Consumer Affairs 18 July 1997 (1997-07-18) 9 October 1997 (1997-10-09) 83 days
17 Warren Truss Nationals 9 October 1997 (1997-10-09) 21 October 1998 (1998-10-21) 1 year, 12 days
18 Joe Hockey Liberal Minister for Financial Services and Regulation 21 October 1998 (1998-10-21) 26 November 2001 (2001-11-26) 3 years, 36 days
19 Chris Bowen Labor Rudd Minister for Competition Policy and Consumer Affairs 3 December 2007 (2007-12-03) 9 June 2009 (2009-06-09) 1 year, 188 days
20 Craig Emerson 9 June 2009 (2009-06-09) 20 June 2010 (2010-06-20) 1 year, 97 days
Gillard 20 June 2010 (2010-06-20) 14 September 2010 (2010-09-14)
21 David Bradbury Labor Rudd Minister for Competition Policy and Consumer Affairs 1 July 2013 (2013-07-01) 18 September 2013 (2013-09-18) 79 days

References

  1. ↑ http://www.news.com.au/national-old/wayne-swan-is-euromoneys-finance-minister-of-the-year/story-e6frfkvr-1226142199651
  2. ↑ 2.0 2.1 2.2 "Past Treasury Ministers". The Treasury. Commonwealth of Australia. 2013. Retrieved 19 September 2013. 
  3. ↑ "Finance and Deregulation Portfolio Ministers". Department of Finance. Commonwealth of Australia. 19 September 2013. Retrieved 19 September 2013. 
  4. ↑ "Ministries and Cabinets". 43rd Parliamentary Handbook: Historical information on the Australian Parliament. Parliament of Australia. 2010. Retrieved 9 July 2013. 

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