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Ministerial responsibilities within the Treasury portfolio
- Deputy Prime Minister and Treasurer - The Hon Wayne Swan MP
- Assistant Treasurer - The Hon David Bradbury MP
- Minister for Financial Services and Superannuation - The Hon Bill Shorten MP
- Parliamentary Secretary to the Treasurer - The Hon Bernie Ripoll MP
- Minister for Housing - The Hon Brendan O'Connor MP
Deputy Prime Minister and Treasurer
The Hon Wayne Swan MP
The Treasurer has overall responsibility for all of the policy matters falling within the Treasury portfolio. These include:
- Economic, fiscal and monetary policy
- Taxation
- Borrowing money on the public credit of the Commonwealth
- International finance
- Foreign exchange
- Financial sector policy
- Currency and legal tender
- Foreign investment in Australia
- Superannuation and retirement savings policy
- Business law and practice
- Corporate, financial services and securities law
- Corporate insolvency
- Competition and consumer policy
- Prices surveillance
- Excise
- Census and statistics
- Valuation services
- Commonwealth-State financial relations
- Consumer credit; and
- Housing supply policy.
Assistant Treasurer
The Hon David Bradbury MP
Assists the Treasurer in the development, implementation and administration of policies in the following areas:
Taxation
- Design of taxation law as delegated by the Treasurer.
- Administration of taxation laws and administrative matters relating to the Australian Taxation Office.
- Taxation proposals in relation to compliance.
Foreign investment
- Dealing with individual cases other than major and/or sensitive cases.
- Oversight of the Foreign Investment Review Board (FIRB).
Competition and Consumer Policy
- Administration of Australia Competition and Consumer Commission (ACCC).
- Responsibility for implementation and administration of competition and consumer policy.
- Consultative arrangements with industry and the states.
Other
- Representational duties, correspondence and administrative matters in general portfolio matters as referred by the Treasurer.
- The Board of Taxation.
- Productivity Commission (PC).
Minister for Financial Services and Superannuation
The Hon Bill Shorten MP
Assists the Treasurer in the development, implementation and administration of policies in the following areas:
Financial services
- Financial markets conduct, disclosure, investor protection and supervision issues (excluding monetary and foreign exchange policy) .
- Design, implementation and administration of legislation relating to markets, services and products including payday lending.
- Administration, and further development, of national consumer credit policy.
Prudential regulation and financial institutions
- Administration of the Australian Prudential Regulation Authority (APRA).
- Prudential regulation of banking, insurance and superannuation.
- Levies on financial institutions, cheques and bills of exchange.
Australia as a financial services hub
- Financial market linkages between Australia and overseas.
Superannuation
- Policy and administration including taxation and prudential regulation in relation to superannuation, and responsibility for the Australian Government Actuary.
- Consultation and implementation of the recommendations of the Cooper Review.
Other
Treasury portfolio aspects of:
- Problem gambling reform.
Parliamentary Secretary to the Treasurer
The Hon Bernie Ripoll MP
Assists the Treasurer in the development, implementation and administration of policies in the following areas:
Corporate governance
- Design of law and regulations and its implementation in relation to corporate governance, insolvency, accounting, audit regulations.
- Administration of the Australian Securities and Investments Commission (ASIC) and representation on the Ministerial Council for Corporations.
Financial literacy
- Ministerial responsibility for achieving government objectives in regard to financial literacy in raising public awareness and fostering initiatives that will build the capacity of Australians to make better decisions about their money.
Other
- Representational duties, correspondence and administrative matters in general portfolio matters as referred by the Treasurer.
- The Housing Loans Insurance Corporation (HLIC).
- The Australian Bureau of Statistics (ABS).
- The Royal Australian Mint including currency and coinage.
Minister for Housing
The Hon Brendan O'Connor MP
Assists the Treasurer in the development, implementation and administration of policies in the following areas:
Housing supply policy
- Matters relating to the National Housing Supply Council.
