High-profile former banker Paul Williams named new Under Treasurer
A former chief financial officer at a major bank has been appointed as the state’s new Under Treasurer in what the government says is a “significant coup”.
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High-profile banker Paul Williams has been appointed as Queensland’s new Under Treasurer, in what has been described as a “significant coup” for the state.
Mr Williams is the former chief financial officer of the People First Bank, formerly known as Heritage Bank, where Treasurer David Janetzki worked prior to joining politics.
Mr Williams is not a member of the LNP.
His credentials include a Bachelor’s degree from the University of Queensland, a Master’s from the University of Cambridge, an MBA from the University of Southern Queensland, and a Graduate Diploma in Applied Finance.
Mr Williams joined Heritage Bank in 2000, holding several key leadership positions, including Treasurer and Chief Strategy and Investment Officer. In 2016, he was promoted to CFO of Heritage Bank and then People First Bank following the 2023 merger.
Mr Janetzki said Mr Williams’ appointment as Under Treasurer was a significant coup for Queensland.
“Mr Williams will guide Treasury as we meet the fiscal challenge of the debt and deficit legacy we inherited,” he said.
The state government faces a difficult challenge to return the budget to an operating surplus after Mr Janetzki revealed debt would balloon to $218bn by 2028 - a significant $45bn increase on the $172bn previously forecast by Labor.
Creditors have warned Queensland’s rating could now drop to AA, limiting the state’s borrowing capacity.
Mr Janetzki has vowed to lower debt without cutting services, selling state assets or raising royalty and tax.
He has not indicated how the government will deal with the ballooning debt in his first budget on June 24.
Mr Janetzki thanked Acting Under Treasurer Rachel Crossland for her “excellent leadership and wise counsel” over the past three months.
The Queenaland Under Treasurer provides key advice on the state’s fiscal and economic policy, as well as assist Mr Janetzki with developing the Budget. Mr Williams will also be tasked with overseeing the states energy policy.
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