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Treasury Portfolio: allocation of ministerial functions.



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TREASURER

NO.096

TREASURY PORTFOLIO - ALLOCATION OF MINISTERIAL FUNCTIONS

With the recent appointment of Senator the Hon Helen Coonan as Minister for Revenue and Assistant Treasurer and Senator the Hon Ian Campbell as Parliamentary Secretary to the Treasurer, it has become necessary to re-organise responsibilities between Ministers in the Treasury Portfolio.

In welcoming Senator Coonan to the Treasury portfolio, I have invited her to assist me in the development, implementation and administration of taxation policy, administration of APRA and the prudential regulation of superannuation and insurance.

I have invited Senator Campbell, as Parliamentary Secretary, to assist me in handling matters in relation to financial market conduct, disclosure and supervision, corporate governance, consumer affairs, foreign investment, and the Australian Competition and Consumer Commission and the Productivity Commission.

The attached table sets out the general areas of responsibility. Areas not mentioned are handled by me.

I look forward to working with Senator Coonan and Senator Campbell in a Treasury team committed to continuing the Coalition Government's outstanding track record of sound economic management in Australia's national interest.

CANBERRA 14 December 2001

Minister for Revenue and Assistant Treasurer Parliamentary Secretary to the Treasurer

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

Taxation

• Taxation policy including the design of taxation laws; • Implementation of the business tax reforms; • 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 APRA. • Prudential regulation of superannuation and insurance but not the banking system. • Government response to the HIH Royal

Commission • HIH Claims Support • Safety of superannuation review. • Levies on financial institutions; cheques and

bills of exchange

Other Responsibilities

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

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

Financial Markets

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

• Securities market linkages between Australia and overseas.

Corporate Governance

• Design of law and regulations for corporate governance. • Administration of ASIC and representation on MINCO.

Foreign Investment

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

Competition and Structural Reform

• Australian Competition and Consumer Commission and the Productivity Commission.

Consumer Affairs

• Responsibility for implementation and administration of consumer protection policy, including education and consumer product safety, 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.

• ABS, HLIC and RAM; currency and coinage and Office of Regulation Review.