The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

About the Portfolio

The Treasurer has overall responsibility for all of the policy matters falling within the Treasury portfolio:

  • Economic and fiscal policy
  • Taxation
  • Prices surveillance
  • Competition policy
  • National and occupational superannuation
  • Borrowing money on the public credit of the Commonwealth
  • Banking
  • Insurance
  • Currency and legal tender
  • Foreign exchange
  • Foreign investment in Australia
  • Census and statistics
  • Business law and practice
  • Corporate and securities law
  • Corporate insolvency
  • Valuation services

Minister for Revenue and Assistant Treasurer

Assists the Treasurer in the development, implementation and administration of policies, including in the following areas:

Taxation

  • The design of taxation laws;
  • Administration of taxation laws and administrative matters relating to the Australian Taxation Office; and
  • Taxation proposals in relation to compliance.

Superannuation

  • Taxation policy and administration in relation to superannuation.

Prudential Regulation and Financial Institutions

  • Administration of the Australian Prudential Regulatory Authority;
  • Prudential regulation of superannuation and insurance but not the banking system;
  • HIH Claims Support; and
  • Levies on financial institutions; cheques and bills of exchange.

Insurance Issues

  • Availability and affordability of insurance including: professional indemnity; public liability; terrorism; medical indemnity; natural disasters; and home-builders warranty insurance
  • Chairing of the Ministerial Meeting on Insurance Issues.

Financial Literacy

  • Ministerial responsibility for achieving Government objectives in regard to financial literacy in raising public awareness´┐Żand fostering initiatives that will build the capacity of Australians to make´┐Żbetter decisions about their money.

Other Responsibilities

  • Representational duties, correspondence and administrative matters in general Portfolio matters as referred by the Treasurer.

Parliamentary Secretary to the Treasurer

Assists the Treasurer in the development, implementation and administration of policies in the following areas:

Financial Markets

  • Financial market conduct, disclosure investor protection and supervision issues (excluding prudential, monetary and foreign exchange policy) including the design, implementation and administration of legislation relating to markets, services and products; and
  • Financial market linkages between Australia and overseas.

Corporate Governance

  • Design of law and regulations for corporate governance, insolvency, accounting and audit regulation; and
  • Administration of Australian Securities and Investments Commission and representation on MINCO.

Foreign Investment

  • Dealing with individual cases, other than major and / or sensitive cases.

Competition and Consumer Policy

  • Administration of Australian Competition and Consumer Commission and the Productivity Commission.
  • Responsibility for implementation and administration of consumer policy and consultative arrangements with the States and industry bodies.

Other responsibilities

  • Representational duties, correspondence and administrative matters in general Portfolio matters as referred by the Treasurer; and
  • Australian Bureau of Statistics, Housing Loans Insurance Corporation; Royal Australian Mint; currency and coinage; and Office of Regulation Review.