Treasury secretary to stay on for five more years

Dr Kennedy first started in the prominent finance role in 2019, with his second term to start in September.

"Dr Kennedy is one of the country's most experienced public servants and his diligence and dedication represents the best traditions of the Treasury," Mr Albanese said on Friday.

"Having served for more than 30 years in the public service, Dr Kennedy's extensive experience and outstanding leadership will be an ongoing asset for the department and the government as we continue to implement our economic reform agenda."

Before taking over as head of the Treasury, Dr Kennedy served as the secretary of the Infrastructure and Transport department between 2017 and 2019.

He had also served as the deputy secretary in the Prime Minister and Cabinet department.