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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 Office of Financial Management (AOFM) is a part of the Department of the Treasury (Australia). It manages the Australian Government's debt portfolio. Its reports on debt management directed at ensuring that the Commonwealth debt portfolio is managed at least cost, subject to the Government's policies and risk references. [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.
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.
Fraser graduated from Monash University in Australia in 1972 with a first class honours degree in Economics. He worked for the Australian Treasury, including two international postings to Washington DC, firstly at the International Monetary Fund and then as Economic Minister at the Australian embassy.
The Queensland government issued treasury notes (1866–1869) and banknotes (1893–1910), [2] which were legal tender in Queensland. The New South Wales government issued a limited series of Treasury Notes in 1893. [2] In 1910, the Commonwealth passed the Australian Notes Act of 1910 to initiate banking and currency
In 1968, Cole graduated with a Bachelor of Economics degree from the University of Sydney and joined the Department of the Treasury. [2] [3]From 1979 Cole spent two years as a senior World Bank official, saying these years were crucial in developing his views on economic policy. [4]