Prime Minister Tony Abbott has finally announced a new head of Treasury.
John Fraser, a banker and former deputy secretary of Treasury, will take over the role from mid-2015.
He replaces Martin Parkinson.
Mr Fraser brought significant experience in both the public and private sectors to his appointment, Mr Abbott said.
The appointment is for five years.
Mr Fraser leaves his role as chairman of UBS Global Asset Management and other UBS entities in Australia and internationally.
Treasurer Joe Hockey says Mr Fraser is well placed to guide Treasury into a new era.
As one of his first tasks Mr Fraser will conduct a thorough review of the Treasury's resources and capabilities.
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