The Treasury's domestic economic role includes:
- monitoring and assessing Australian economic conditions and prospects
- providing advice on current and prospective conditions in the Australian economy and
- providing economic forecasts, and parameters which inform budget estimates of revenue and expenditure.
Statistical data regarding the domestic economy, such as national accounts, labour force and CPI figures, can be found on the Australian Bureau of Statistics website.
The Treasury's international economic role includes:
- providing strategic advice on international economic policy issues
- advancing Australia's interests through the international financial institutions and in international forums
- advancing Australia's interests in key IFI programme countries and
- monitoring and analysing economic developments in key global economies.
Statistical data regarding Australia's standing within the global economy can be found on the World Bank website, the IMF website, or the OECD website.
The department develops, improve and operate macroeconomic modelling tools to assist in the provision of advice and analysis on both domestic and international policy issues.
Treasury modelling has been prepared to inform policy design and public discussion about carbon pricing.
For further information, visit the Carbon Price Modelling website.
G20 2014 Presidency
Australia chaired the Group of Twenty (G20) meetings from 1 December 2013 to 30 November 2014.
Hosting the G20 gave Australia a valuable opportunity to welcome leaders, Finance Ministers and Central Bank Governors, Trade Ministers and Employment and Labour Ministers from major developing and advanced economies to address critical economic and financial challenges facing the world.
A number of departments had lead responsibilities under Australia's G20 host year.
The 2015 G20 Chair is Turkey. For more information please visit the current G20 website.
Joint Economic Forecasting Group
The JEFG Committee meets three times a year to discuss the domestic and global outlook with an informal update round conducted in June. A JEFG Report is prepared by Treasury in consultation with the other partners. The report provides Treasury's assessment of the domestic and global outlook, including its revised economic forecasts.
To help inform public discussion and debate, the JEFG reports are released after a period of 2½ years, starting with the March quarter 2008 Report.
The JEFG Committee consists of Treasury, the Reserve Bank of Australia, the Department of the Prime Minister and Cabinet, the Department of Finance and Deregulation and the Australian Bureau of Statistics.
The Economic Roundup is published quarterly and includes articles discussing issues in the Australian and international economy.
Pre-Election Economic and Fiscal Outlook
The Pre-Election Economic and Fiscal Outlook report is required to be released within ten days of a writ for a general election.
The information in the report takes into account, to the fullest extent possible, all Government decisions made before the issue of the writ and all other circumstances that may have a material effect on the fiscal and economic outlook.