Mr Willis was born in Victoria and educated at Footscray Central School, University High School and Melbourne University.
 
He worked as a researcher for the ACTU until his election to the Parliament in 1972. He held the following positions in the Shadow Ministry from 1976: Spokesman on Industrial Relations (1976-1977), Economic Affairs (1977-1980), Treasury (1980-1983) and Economic Development (1983).
 
Since the election of the Labor Government in 1983, Mr Willis has held Ministerial positions related to Employment, Industrial relations, Transport and Communications and Finance. On 23 December 1993, he was appointed the Federal Treasurer.