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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 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 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.
Andrew Keith Leigh (born 3 August 1972) is an Australian politician, author, lawyer and former professor of economics at the Australian National University.He currently serves as the Assistant Minister for Competition, Charities and Treasury [1] as well as the Assistant Minister for Employment. [2]
Van Tuong Nguyen and his twin brother, Dang Khoa Nguyen, were born in a refugee camp at Songkhla in Thailand to Vietnamese parents. [2] He did not know his father until 2001 when he travelled from the United States to Australia. [2] His mother, Kim, is Vietnamese and migrated to Australia shortly after the boys' birth. [2]
An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal policy for the forward years. [1]
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Australian government debt does not take into account government funds held in reserve within statutory authorities such as the Australian Government Future Fund, which at 30 September 2016 was valued at $122.8 billion, [5] and the Reserve Bank of Australia. Nor is the net income of these statutory authorities taken into account.