Peter Costello

Media Releases

Treasury Portfolio: Allocation of Ministerial Functions

NO.002

TREASURY PORTFOLIO - ALLOCATION OF MINISTERIAL FUNCTIONS

The Treasurer is assisted in his portfolio by the Assistant Treasurer, Senator Rod Kemp, and the Minister for Financial Services and Regulation, the Hon Joe Hockey.

The Treasurer has overall responsibility for all policy matters falling within the Treasury portfolio. The Assistant Treasurer and the Minister for Financial Services and Regulation will have responsibilities in the development, implementation and administration of policies in the areas set out below.

ASSISTANT TREASURER

1. Taxation

  • detailed design of taxation laws;
  • administration of taxation laws and administrative matters relating to the Australian Taxation Office;
  • administration of the family tax arrangements, including the Family Assistance Office; and
  • taxation proposals in relation to compliance.

2. Superannuation

  • administration of superannuation laws, including in relation to taxation and other policy issues.

3. Foreign Investment

  • dealing with individual cases in accordance with broad guidelines determined by the Treasurer.

4. Structural Reform (other than Competition Policy)

  • structural reform issues not handled by the Treasurer, including in relation to the Productivity Commission and the Office of Regulation Review.

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

MINISTER FOR FINANCIAL SERVICES AND REGULATION

1. Financial system regulation and enhancement (including in relation to deposit-taking institutions, insurance and superannuation)

  • detailed design of laws, making of regulations and administrative matters relating to:

- the prudential regulation aspects of financial entities;

  • the payments system regulation administered by the Reserve Bank of Australia;
    • financial sector levies; and
    • cheques and bills of exchange; and
  • administration of prudential regulation and administrative matters relating to the Australian Prudential Regulation Authority.

2. Companies and Securities

  • detailed design of companies and securities laws and regulations;
  • administration of companies and securities laws and related administrative matters concerning the Australian Securities and Investments Commission; and
  • representational functions in relation to companies and securities including the Ministerial Council for Corporations.

3. Market integrity and consumer protection regulation, including in relation to the financial system

  • detailed design of laws and the making of regulations relating to the conduct and disclosure aspects of insurance and superannuation;
  • administration of conduct and disclosure aspects of insurance and superannuation law;
  • consumer protection
  • in the financial system, in particular in relation to the deposit-taking activities of authorised deposit-taking institutions, insurance and superannuation;
  • education, product safety standards, including consultative arrangements with the States and industry bodies; and
  • administrative matters concerning the Australian Securities and Investments Commission.

4. Competition Policy

  • administration of competition policy, including in relation to the Australian Competition and Consumer Commission.

5. Representational duties and administrative matters including in relation to:

  • the Australian Bureau of Statistics;
  • the Housing Loan Insurance Corporation;
  • currency and coinage matters (including the Crimes (Currency) Act); and
  • other specific matters referred by the Treasurer.

6. Correspondence in general Portfolio matters and handling of legislation in the House as referred by the Treasurer.

CANBERRA ACT
22 January 1999

22 Jan 1999

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