Portfolio Overview
The Treasury portfolio undertakes a range of activities aimed at achieving strong
sustainable economic growth and the improved wellbeing of Australians. This entails
the provision of policy advice to portfolio Ministers and the effective implementation
and administration of policies that fall within the portfolio Ministers' responsibilities.
The Treasury portfolio comprises 16 agencies.
The Department of the Treasury's mission is to improve the wellbeing of the
Australian people by providing sound and timely advice to the Government, based on
objective and thorough analysis of options, and by assisting Treasury ministers in the
administration of their responsibilities and the implementation of government
decisions. Its outcome is: informed decisions on the development and implementation
of policies to improve the wellbeing of the Australian people, including by achieving
strong, sustainable economic growth, through the provision of advice to government
and the efficient administration of federal financial relations.
The Australian Bureau of Statistics is Australia's official statistical agency. It provides
statistics on a wide range of economic, environmental and social matters, covering
government, business and the community in general. Its outcome is: informed
decisions, research and discussion within governments and the community by leading
the collection, analysis and provision of high quality, objective and relevant statistical
information.
The Australian Competition and Consumer Commission is an independent statutory
authority which administers the Trade Practices Act 1974 and performs functions under
other Commonwealth legislation and State and Territory Competition Policy Reform
Acts. Its outcome is: lawful competition, consumer protection, and regulated national
infrastructure markets and services through regulation, including enforcement,
education, price monitoring and determining the terms of access to infrastructure
services.
The Australian Office of Financial Management is responsible for the management of
Australian Government debt and financial assets. Its outcome is: to enhance the
Commonwealth's capacity to manage its net debt portfolio, offering the prospect of
savings in debt servicing costs and an improvement in the net worth of the
Commonwealth over time.
The Australian Prudential Regulation Authority is the financial supervisor
responsible for the prudential regulation of the banking, other deposit taking,
insurance and superannuation industries. Its outcome is: enhanced public confidence
in Australia's financial institutions through a framework of prudential regulation
which balances financial safety and efficiency, competition, contestability and
competitive neutrality.
The Australian Reinsurance Pool Corporation is a statutory authority established by the Terrorism Insurance Act 2003 to administer the terrorism reinsurance scheme, providing primary insurers with reinsurance for commercial property and associated business interruption losses arising from a declared terrorist incident.
The Australian Securities and Investments Commission is the independent
government body that enforces and administers corporate and financial services law
and has responsibilities for consumer protection in relation to investments, life and
general insurance, superannuation and banking (except lending). It has two outcomes:
improved confidence in financial market integrity and protection of investors and
consumers through research, policy, education, compliance and deterrence that
mitigates emerging risks; and streamlined and cost-effective interaction and access to
information for business and the public, through registry, licensing and business
facilitation services.
The Australian Taxation Office is the Australian Government's principal revenue
collection agency and administers Australia's taxation system and significant aspects
of Australia's superannuation system. It administers legislation governing taxation,
superannuation and the Australian Business Register and supports the delivery of
government benefits to the community. Its outcome is: confidence in the
administration of aspects of Australia's taxation and superannuation systems through
helping people understand their rights and obligations, improving ease of compliance
and access to benefits, and managing non-compliance with the law.
The Commonwealth Grants Commission provides advice to the government on the
equitable distribution of GST revenue and health care grants to state and territory
governments. Its outcome is: informed Government decisions on fiscal equalisation
between the States and Territories through advice and recommendations on the
distribution of GST revenue and health care grants.
The Corporations and Markets Advisory Committee is the independent government
body that provides informed and expert advice to the government about corporate,
financial product and financial market matters. Its outcome is: informed decisions by
Government on issues relating to corporations regulation and financial products,
services and markets through independent and expert advice.
The Inspector-General of Taxation seeks to improve the administration of the tax laws
for the benefit of all taxpayers. Its outcome is: improved tax administration through
community consultation, review and independent advice to Government.
The National Competition Council is an independent advisory body for all Australian
governments that advises and makes recommendations under the National Access
Regime and recommendations and decisions in relation to natural gas pipelines. Its
outcome is: competition in markets that are dependent on access to nationally
significant monopoly infrastructure, through recommendations and decisions
promoting the efficient operation of, use of and investment in infrastructure.
The Office of the Auditing and Assurance Standards Board's mission is to develop high quality auditing and assurance standards and related
guidance as a means to enhance the relevance, reliability and timeliness of information
provided to users of audit and assurance services. Its outcome is: the formulation and
making of auditing and assurance standards that are used by auditors of Australian
entity financial reports or for other auditing and assurance engagements.
The Office of the Australian Accounting Standards Board's mission is to develop and
maintain high quality financial reporting standards for all sectors of the Australian
economy and contribute to the development of global
financial reporting standards. Its outcome is: the
formulation and making of accounting standards that are used by Australian entities
to prepare financial reports and enable users of these reports to make informed
decisions.
The Productivity Commission is the government's independent research and advisory
body on a range of economic, social and environmental issues affecting the welfare of
Australians. Its outcome is: well-informed policy decision-making and public
understanding on matters relating to Australia's productivity and living standards,
based on independent and transparent analysis from a community-wide perspective.
The Royal Australian Mint manufactures and sells circulating coins to meet the
coinage needs of the Australian economy, and collector coins and other minted
products for Australia and foreign countries. Its outcome is: the coinage needs of the
Australian economy, collectors and foreign countries are met through the manufacture
and sale of circulating coins, collector coins and other minted like products.