Who is Treasurer of Australia?

Australian Treasurer or Treasurer of Australia

The Treasurer of Australia is the minister of the Australian Federal Government. The Minister of Finance is in charge of government expenditure and income and plays an important role in the government's economic policy. The Secretary of the Treasury is the official in charge of the Department of the Treasury. In accordance with the strong practice of the Westminster constitutional system in Australia, the Treasury Secretary is a political officer and is appointed by a member of the lower house of the Australian Parliament. Like other political officials, the Minister of Finance is nominated by the Australian Prime Minister and appointed by the Australian Governor. His term ends with the dissolution of Parliament or the proposal of the Prime Minister. The Treasury Secretary is responsible for presenting the federal budget in the Federal Parliament each May.

Position name:    Australian finance minister

In charge:    Government expenditure and revenue

Qualifications:    Member of the lower house of parliament

Tenure:    Ends with the dissolution of Parliament or the proposal of the Prime Minister

Incumbent:    Chris Bowen

Ex:    Wayne Swan

Longest post:    Peter Costello (1996-2007)

Most frequent substitutions:    Five people became finance ministers in 1991

Best finance minister:    Wayne Swan and Paul Keating

Table of Content

1.       Introduction
2.      Australian Finance Minister optimistic about Chinese economy
3.      Join the AIIB

Introduction to the Australian Treasurer

The Treasurer of Australia is the minister of the Australian Federal Government. The Minister of Finance is in charge of government expenditure and income and plays an important role in the government's economic policy. The Secretary of the Treasury is the official in charge of the Department of the Treasury. 

In accordance with the strong practice of the Westminster constitutional system in Australia, the Treasury Secretary is a political officer and is appointed by a member of the lower house of the Australian Parliament. 

Like other political officials, the Minister of Finance is nominated by the Australian Prime Minister and appointed by the Australian Governor. His term ends with the dissolution of Parliament or the proposal of the Prime Minister. 

The Treasury Secretary is responsible for presenting the federal budget in the Federal Parliament each May. This post is equivalent to the Secretary of the Treasury of the United Kingdom and the Secretary of the Treasury of the United States.

Australian Treasurer and Minister of Finance

The Australian Treasurer should not be confused with the Minister for Finance. The latter is one of the junior ministers who assist the Treasurer. 

This translation method understands the Treasury as the “national treasury”, but translators who adopt this translation method generally do not translate the “Ministry of the Treasury” to the “National Treasury” in a straightforward manner, nor do they translate the British and American treasurer. 

The "treasurer prime minister" and "treasury minister" easily lead to inconsistent translations.

Federal Treasury Secretary

The Federal Treasury Secretary is one of Australia's most important official positions. Traditionally, the Treasury Secretary has often been the Deputy Prime Minister of Australia. 

The Treasury Secretary is also considered an important experience for politicians moving towards the post of Prime Minister: To date, a total of six Treasury Ministers have since become Prime Minister.

The current Secretary of the Treasury, Chris Bowen, is Labour. He served on June 27, 2013 after his predecessor, Wayne Swan, resigned due to internal party struggles. 

The longest-serving Treasurer to date is Peter Costello, who served for 11 years and 8 months (1996-2007). The most frequent period when the Minister of Finance was changed was 1991. 5 people have served as finance ministers in a year.

According to the evaluation of the world economy, two Australian Treasury Ministers have been awarded the title of "World's Best Treasurer": Wayne Swan and Paul Keating.

Australian Finance Minister optimistic about Chinese economy

The sharp fluctuations in the Chinese stock market have drawn close attention from the Australian economic community. Some voices believe that this will have an adverse impact on the Australian economy, and some even blame the recent sharp depreciation of the Australian dollar. Australia's Treasury Secretary, Hawke, expressed affirmation of China's economic prospects in a public speech.

Hocky on Asian Economic Outlook

Hocky said that his views on China's economic outlook will not change, and people need not be alarmed by the short-term shocks of the stock market, and Australia's economy has not been negatively affected by this. "Although the Chinese stock market has fallen by about 25% in the past month, it has risen a lot from its lowest point. Compared with a year ago, the current stock index has risen by 90%." He said that the Chinese government has sufficient capacity to meet the challenges encountered during the economic transition through fiscal and monetary policies. He is still optimistic about China's economic prospects. 

The economic relations between China and Australia will not change, and economic and trade contacts will continue to deepen. Hocky also predicts that China's economic growth rate this year will remain above 6.75%, and next year China will also maintain an annual growth rate of at least 6.5%.

Join the AIIB

Boao Forum was held in 2015. At the forum of "Asian Infrastructure Investment Bank and BRICS Development Bank: New Power in Multilateral Financial Structure", Australian Finance Minister Mathias Cormann said that Australia is very willing to be part of the Asian Investment Bank. 

Announcing the signing of a memorandum of understanding as part of the final structure of the negotiations is the establishment of the AIIB. As one of the founding nations, we will make a formal announcement.

Mathias Cormann

 Australia is very willing to be part of the Asian Investment Bank. This is a very good idea put forward by China, and when Australia is rotating chairman, we attach great importance to this matter. Indeed, such a mechanism should be used to meet infrastructure financing needs.

 It has brought more opportunities to further improve people's living standards. Indeed, many needs in this regard have not been met, especially in terms of infrastructure. We have had a good dialogue. We hope to become a well-structured bank and an efficient multilateral bank based on the best practices of the world's highest standards. In this regard, we had a good dialogue, especially with Asian friends and other countries. 

Australia has always intended to consult with Asia or China, but some concerns still exist, and a series of "milestones" need to be achieved first. "We want to ensure that everything we invest meets the high standards of the types of multilateral institutions Australia has supported in the past. 

Obviously, the more countries you join, the more concerns they will address, making it easier for Australia to address their concerns . "

Bishop said that she had held active consultations with US Secretary of State Kerry on the bank's affairs.

 Australian Industry Group head Willos (said that the government was right to reconsider joining the Asian Infrastructure Investment Bank. 

He said that as the center of the global economy shifted from the Atlantic to China, it is very important for Australia to keep up. necessary.

"By reversing the stance, the government will reposition Australia to actively participate in this change, rather than just acting as a bystander," Willos said in a statement.

In October 2014, 21 countries jointly decided to establish the Asian Infrastructure Investment Bank in Beijing. These countries are: Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman , Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, and Vietnam. Indonesia later said it joined, and China said earlier this year that the number of founding members had increased to 26. 

According to media reports, Australia has not joined the organization in part because of pressure from the United States. But now some countries, including the United Kingdom, appear to be "betraying" the United States and join the AIIB.

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