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The Australian Treasury was established in Melbourne in January 1901, after the federation of the six Australian colonies. [3] In 1910, the federal government passed the Australian Notes Act 1910 which gave control over the issue of Australian bank notes to The Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.
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 Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio , is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. [ 3 ]
The Parliament of Australia website also notes that the name "Australian Government" is preferable in order to avoid confusion with the Commonwealth of Nations and the US federal government by those not familiar with Australia's system of government. [22] This terminology remains preferred by the government. [23]
The Assistant Treasurer of Australia is the minister of state of the Commonwealth of Australia charged with assisting the Treasurer with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury.
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
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The Australian Government comprises 20 portfolio departments, each representing a seat in the federal cabinet and leading its respective portfolio area: [4] [2] Attorney-General's Department; Department of Agriculture, Fisheries and Forestry; Department of Climate Change, Energy, the Environment and Water; Department of Defence; Department of ...