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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.
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]
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.
Steven Kennedy PSM is an Australian public servant. He was appointed secretary of the Department of the Treasury in September 2019. He previously served as secretary of the Department of Infrastructure, Transport, Cities and Regional Development from September 2017 to August 2019.
The portfolio was first created in 1977 by Malcolm Fraser's Liberal Party of Australia government as Minister for Finance. It was subsequently renamed Minister for Finance and Administration by John Howard's government in 1997, and as Minister for Finance and Deregulation by Kevin Rudd's government in 2007, then returning to Minister for Finance under Tony Abbott in 2013.
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.
On 12 July 2018, Prime Minister Malcolm Turnbull announced that Fraser had resigned as Treasury Secretary, effective 31 July, and that he would be replaced by Philip Gaetjens. [ 11 ] Fraser was a member of the Board of Governors at the Marymount International School in Kingston-upon-Thames from 2007 to 2012.