The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.

The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies.

According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives.

[3] While no Federal Treasurer has been a member of the Senate, New South Wales, Victoria, Tasmania and South Australia had state Treasurers who had served as members of the Legislative Councils, the states' upper houses.

The ministers who have responsibility for the Department of Finance are:[7] Eleven organizations nominally fall under the auspices of the Australian Treasurer.

They entail the provision of policy advice to portfolio ministers; effective government spending and taxation arrangements; and well-functioning markets.