- Department of the Treasury (Australia)
Department of the Treasury Agency overview Formed 1901 Jurisdiction Australia Headquarters Canberra Ministers responsible Wayne Swan, Treasurer
Bill Shorten, Assistant Treasurer & Minister for Financial Services and Superannuation
David Bradbury, Parliamentary Secretary to the Treasurer
Agency executive Martin Parkinson, Secretary to the Treasury Parent agency Commonwealth of Australia Child agencies Reserve Bank of Australia
Website Department of the Treasury Website
The Commonwealth Treasury was established in Melbourne in January 1901. The department focused on developing taxation system, land and income tax and economic policies.
The department is divided into four groups, Fiscal, Macroeconomic, Revenue and Markets with support coming from the Corporate Services Division. These groups were established to meet four policy outcomes:
- Effective government spending and taxation arrangements
The Treasury provides advice on budget policy issues, trends in Commonwealth revenue and major fiscal and financial aggregates, major expenditure programmes, taxation policy, retirement income, Commonwealth-State financial policy and actuarial services.
- Sound macroeconomic environment
The Treasury monitors and assesses economic conditions and prospects, both in Australia and overseas, and provides advice on the formulation and implementation of effective macroeconomic policy.
- Well functioning markets
The Treasury provides advice on policy processes and reforms that promote a secure financial system and sound corporate practices, remove impediments to competition in product and services markets and safeguard the public interest in matters such as consumer protection and foreign investment.
- Effective Taxation and retirement income arrangements
The Treasury provides advice and assists in the formulation and implementation of government taxation and retirement income policies and legislation as well as providing information on material changes to taxation revenue forecasts and projections.
Secretaries to the Treasury
The Secretary to the Treasury is the public service head of the department. Below is the list of Secretaries since 1960.
Name Dates Sir Roland Wilson 14 January 1960 - 28 October 1966 Sir Richard Randall 28 October 1966 - 31 October 1971 Sir Frederick Wheeler 1 November 1971 - 8 January 1979 John Stone 8 January 1979 - 14 September 1984 Bernie Fraser 17 September 1984 - 17 September 1989 Chris Higgins 18 September 1989 - 6 December 1990 Tony Cole 14 February 1991 - 23 March 1993 Ted Evans 10 May 1993 - 26 April 2001 Ken Henry 27 April 2001 - 4 March 2011 Martin Parkinson 7 March 2011 -
Treasurer Wayne Swan has previously called Henry an independent economic regulator, similar to the governor of the Reserve Bank. When asked after the 2009 Budget about Treasury’s independence, Henry replied:Strictly of course we're not. The Treasury Department is a department of state. It is part of the executive government. It works to the government of the day, whatever the political persuasion of the government of the day. And so in that sense of course the Treasury is not independent from government and it can never behave as if it is independent from government. But there's another sense in which it does have a degree of independence and that is that the Treasury conducts its analysis without government interference. It's up to the government of the day to decide whether to accept that analysis or whether to reject that analysis.—ABC Radio, Tuesday, 19 May 2009
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