Address to the Business Council of Australia

December 13, 2001

Implementation of Election Commitments Regarding The Additional First Home Owners Grant for New Homes

December 17, 2001

Treasury Portfolio – Allocation of Ministerial Functions

December 14, 2001

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.