Treasurer of Australia
| Treasurer of Australia | |
|---|---|
| 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 is The Honourable Scott Morrison MP, whose term began on 21 September 2015. The current Minister for Revenue and Financial Services is The Hon. Kelly O'Dwyer MP.
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 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.
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