Portfolio overview

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This section provides an overview of the Finance portfolio and summarises changes that occurred in 2015–16.

Portfolio ministers

The ministers and assistant ministers responsible for the Finance portfolio and its agencies during 2015–16 were:

  • Senator the Hon Mathias Cormann, Minister for Finance (from 18 September 2013) and Special Minister of State (from 18 February 2016)
  • the Hon Dr Peter Hendy MP, Assistant Minister for Finance (from 18 February 2016)
  • the Hon Mal Brough MP, Special Minister of State (21 September 2015 to 18 February 2016) (stood aside on 29 December 2015)
  • Senator the Hon Michael Ronaldson, Special Minister of State (until 21 September 2015)
  • the Hon Michael McCormack MP, Parliamentary Secretary to the Minister for Finance (until 21 September 2015)

Changes to the portfolio

As a result of the Administrative Arrangements Order issued on 21 September 2015, responsibility for public data policy, including Gov 2.0 and related matters was transferred from Finance to the Department of the Prime Minister and Cabinet and the Digital Transformation Office.

Legislation to effect the merger of ComSuper into the Commonwealth Superannuation Corporation received royal assent on 17 June 2015. The merger was completed on 1 July 2015, when Commonwealth Superannuation Corporation became solely responsible for all superannuation functions and assumed ComSuper’s functions.

The Australian River Co. Limited was wound up on 15 July 2015.

Portfolio structure

The portfolio structure as at 30 June 2016 is shown below.

Department of state

Department of Finance
Secretary: Jane Halton AO, PSM
www.finance.gov.au
As one of the government’s central entities, Finance assists the government to shape and deliver its agenda by providing high-quality advice, policies, governance arrangements and professional services.

Non-corporate Commonwealth entities

Australian Electoral Commission
Electoral Commissioner: Tom Rogers
www.aec.gov.au
The Australian Electoral Commission provides the Australian people with an independent electoral service that meets their needs, encourages them to understand and participate in the electoral process, and
supports free and fair electoral processes throughout the world.

 

Future Fund Management Agency
Chair: The Hon Peter Costello AC
www.futurefund.gov.au
The Future Fund Management Agency make provision for the Commonwealth’s unfunded superannuation liabilities, payments for the creation and development of infrastructure, and payments from the DisabilityCare Australia Fund by managing the investment activities of the Future Fund, Nation-building Funds and DisabilityCare Australia Fund, in line with the Government’s investment mandates.

Corporate Commonwealth entity

Commonwealth Superannuation Corporation
Chair: Patricia Cross
www.csc.gov.au
The Commonwealth Superannuation Corporation is responsible for the management of funds and administration of five government superannuation schemes. The Commonwealth Superannuation Corporation also administers six unfunded superannuation schemes.

Commonwealth company

ASC Pty Ltd
Chair: Bruce Carter
www.asc.com.au
ASC exists to serve the frontline of Australia’s naval defence capabilities.



Last updated: 21 October 2016