Each year in May, the Treasurer presents the Federal Budget to the Parliament. The Treasurer is a very senior government post; traditionally, the holder of this office is the Deputy Prime Minister or deputy leader of the political party holding government. Being Treasurer is often seen by the Canberra Press Gallery and the public as a necessary stepping-stone to the Prime Ministership; however, only six Prime Ministers have served as Treasurer before ascending to higher office.
Wayne Swan is the current Treasurer of Australia. The immediately preceding Treasurer, Peter Costello, held the portfolio for a record term.
Treasurers Watson, Fisher, Scullin, Lyons, Menzies, Chifley, Whitlam and Hawke were also Prime Minister during some or all of their period as Treasurer.