Banker John Fraser tapped for Treasury secretary role

INVESTMENT banker John Fraser will be appointed as Treasury secretary within days after months of uncertainty and delay.

INVESTMENT banker John Fraser will be appointed as Treasury secretary within days, after months of uncertainty and delay.

The Abbott government will announce the appointment as early as Monday, to end doubt about the key economic role in government.

Treasury secretary Martin Parkinson announced his retirement several months ago and will finish next Friday. He had agreed to continue to fill the role until the completion of last month’s G20 leaders summit in Brisbane. Joe Hockey prepared the G20 summit with Dr Parkinson.

Although Mr Fraser was considered the replacement for Dr Parkinson for months, confusion emerged about the management of Mr Fraser’s personal financial situation. But the negotiations and requirements have now been settled and the key appointment will be formalised next week.

Mr Fraser is a former deputy Treasury secretary but has worked in London for merchant bank UBS for more than a decade.

After the retirements of Dr Parkinson and the head of the Department of Prime Minister and Cabinet, Ian Watt, the government was left without permanent replacements in its top two public service positions.

Michael Thawley started in his job as the head of PM&C this week.

Mr Thawley — a manager of the world’s largest investment groups, a former ambassador to Washington, intelligence leader and international affairs adviser to prime minister John Howard — is seen as a changing of the guard in Canberra.