Ted Evans, who served as secretary of the Treasury department from 1993 to 2001 has died aged 79.
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Mr Evans began his career as a linesman with the Postmaster-General's department in Queensland while studying an honours degree in Economics from the University of Queensland.
His 43 year career in the public service began at Treasury in 1968. After retiring as secretary of Treasury, Mr Evans sat on the board of Westpac for 10 years, including four years as chairman.
Posted to the Organisation for Economic Cooperation and Development in Paris in the 1970s, and the International Monetary Fund in Washington in the 1990s, Mr Evans supported major economic developments such as opening up the Australian economy, floating the dollar and decades of tax reform
Prime Minister Scott Morrison paid tribute to Mr Evans and said he left "an indelible mark on Australia".
"As Treasury Secretary, Ted advised the Keating and Howard governments on balancing the budget, major tax reforms, including introduction of the GST, and establishment of the key economic frameworks that continue to serve Australia well to this day," Mr Morrison said in a statement.
"He was renowned for his sharp intellect, modesty, integrity and the quiet fearlessness and forcefulness of his advice, earning the respect of prime ministers and treasurers on all sides of politics."
Treasurer Josh Frydenberg said Mr Evans was "an outstanding Australian".
Mr Frydenberg quoted from prime minister John Howard on Mr Evans: "Ted could never be accused of gilding the lily. He is a straight shooter who gives advice fearlessly and forcefully. He has lived up to the best ideals of the Australian Public Service."
"His colleagues described him as calm, inquisitive and humble," Mr Frydenberg said.
"But when he spoke he held the floor - his words were quiet, precise and frank, but also kind. His contribution to public policy and to the Australian Treasury is a legacy that will not be forgotten."
Mr Morrison and Mr Frydenberg paid their condolences to Mr Evans' wife Judith and his family.