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The 'Minister of Finance' is a senior figure within the government of New Zealand. The position is often considered to be the most important Cabinet role after that of the Prime Minister.
The current Minister of Finance is Michael Cullen. There are also three Associate Minister roles. They are currently held by Hon. Trevor Mallard, Hon. Phil Goff and Hon. Clayton Cosgrove.
| Contents |
| Responsibilities and powers |
| History |
| List of Finance Ministers |
| External links |
Responsibilities and powers
The Minister of Finance is responsible for producing an annual Budget outlining the government's proposed expenditure. According to Parliament's Standing Orders, the Minister of Finance may veto any parliamentary bill which would have a significant impact on the government's budget plans. The Minister of Finance also supervises the Treasury, which is the government's primary advisor on matters of economic and financial policy. As such, the Minister of Finance has broad control of the government's spending, making the position quite powerful.
Some analysts, such as Jonathan Boston, claim that the Minister of Finance can sometimes hold more influence than the Prime Minister, if the conditions are right. Gordon Coates, Finance Minister in the early 1930s, was sometimes such a figure. Some political scientists, such as Boston, believe that in the government of David Lange, Minister of Finance Roger Douglas held more power than was proper, and that the Treasury was using its control of government finances to take a supervisory role across the whole administration. It was probably for this reason that Lange's successor, Geoffrey Palmer, established the Department of the Prime Minister and Cabinet, which could offer the Prime Minister advice independent of that given by individual ministers.
History
The office of Minister of Finance has existed since New Zealand's first cabinet was formed in 1856. Apart from the office of Prime Minister itself, the only other cabinet posts to have existed since the first cabinet are those of Attorney-General and Minister of Internal Affairs. Originally, the holder of the post was designated "Colonial Treasurer", but this term was replaced with "Minister of Finance" shortly after New Zealand ceased to be a Colony and became a Dominion. This occurred in 1907, during the cabinet of Joseph Ward.
In the past, it was not particularly uncommon for a Prime Minister to take the post of Minister of Finance themselves. In recent times, however, this practice has declined. Robert Muldoon, the last person to concurrently serve as Prime Minister and Minister of Finance, created considerable controversy by doing so. It is more common, however, for a Deputy Prime Minister to serve as Minister of Finance. The present Minister of Finance, Michael Cullen, is also the Deputy Prime Minister.
After the 1996 elections, the role of the Minister of Finance was split between two portfolios - that of Minister of Finance and that of Treasurer. The position of Treasurer was senior to that of the Minister of Finance, and was created as part of the coalition agreement between the National Party and New Zealand First. It was established especially for Winston Peters, leader of New Zealand First, who demanded it as part of the deal. When Peters ended the coalition, the position reverted to the National Party, and after the change of government in 1999, it was reincorporated into the old Minister of Finance portfolio.
List of Finance Ministers
External links
★ New Zealand Treasury
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