The First Lyons Ministry was the twenty-first Australian Commonwealth ministry, and ran from 6 January 1932 to 12 October 1934.

United Australia Party

• Rt Hon Joseph Lyons, MP: Prime Minister, Treasurer. Minister for Commerce (3 October 1932 to 13 October 1932)
• Hon John Latham, KC: Attorney-General, Minister for External Affairs, Minister for Industry
• Senator Rt Hon Sir George Pearce, KCVO: Minister for Defence
• Hon Henry Somer Gullett, MP: Minister for Trade and Customs (to 14 January 1933)
• Hon James Fenton, MP: Postmaster-General (to 13 October 1932)
• Hon Archdale Parkhill, MP: Minister for Home Affairs, Minister for Transport (to 12 April 1932). Minister for the Interior (12 April 1932 to 13 October 1932), Postmaster-General (from 13 October 1932)
• Hon Charles Marr, MP: Minister for Works and Railways (to 12 April 1932), Minister for Health. Minister in charge of Territories (to 24 May 1934), Minister for Repatriation (from 12 April 1932)
• Hon Charles Hawker, MP: Minister for Markets (to 13 April 1932), Minister for Commerce (13 April 1932 to 23 September 1932), Minister for Repatriation (to 12 April 1932)
• Senator Hon Alexander McLachlan: Vice-President of the Executive Council, Minister in charge of Development and Scientific and Industrial Research
• Hon Josiah Francis, MP: Assistant Minister for Defence, Minister in charge of War Service Homes
• Rt Hon Stanley Bruce, MP: Assistant Treasurer (to 29 June 1932), Minister without portfolio (29 June 1932 to 26 September 1932), Minister without portfolio, London (26 September 1932 to 6 October 1933)
• Senator Hon Walter Massy-Greene: Assistant Minister (to 25 September 1933)
• Hon John Perkins, MP: Assistant Minister for Trade and Customs (to 13 October 1932), Minister for the Interior (from 13 October 1932)
• Hon Allan Guy, MP: Assistant Minister for Trade and Customs (from 13 October 1932)
• Hon Frederick Stewart, MP: Minister for Commerce (from 13 October 1932)
• Hon Thomas White, MP: Minister for Trade and Customs (from 14 January 1933)
• Hon Richard Casey, MP: Assistant Minister (from 25 September 1933)
• Senator Hon Sir Harry Lawson, KCMG: Assistant Minister (from 17 October 1933), Minister in charge of Territories (from 24 May 1934)