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 which seeks to promote a sound
macroeconomic environment; effective government spending and taxation arrangements; and
well functioning markets. It also entails the effective implementation and administration
of policies that fall within the portfolio Ministers' direct responsibilities.
The Department of the Treasury produces outputs directed at the achievement of the
foregoing outcomes under three output groups -- Economic, Budget and Markets.
Economic group outputs include: domestic economic policy advice and forecasting; international policy advice and assessment; and debt management.
Budget group outputs include: budget policy advice and coordination; Commonwealth-State financial policy advice; industry policy advice; and taxation and income support policy advice.
Markets group outputs include: foreign investment policy advice and administration; financial system and markets policy advice; and business and consumer policy advice. In addition, the Royal Australian Mint is responsible for producing Australia's circulating coin and like products.
The Australian Bureau of Statistics (ABS) is Australia's official
statistical agency. Outputs are directed at informed decision making, research and
discussion within governments and the community, based on the provision of a high quality,
objective and responsive national statistical service. Its outputs principally relate to
the production of economic, population and social statistics.
The Australian Taxation Office (ATO) outputs are directed at effectively managed
and shaped systems that support and fund services for Australians and give effect to
social and economic policy through the taxation system. Its major outputs relate to
providing revenue to government, providing transfers and contributing to policy advice and
legislation.
The Productivity Commission (PC) outputs aim at 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. Outputs include or relate to: government commissioned projects; performance
reporting and other services to government bodies; regulation review; competitive
neutrality complaints; and annual report and other supporting research.
The Australian Competition and Consumer Commission (ACCC) outputs are directed at
enhanced social and economic welfare of the Australian community by fostering competitive,
efficient, fair and informed Australian markets. Outputs include: compliance obligations
pursuant to the administration of Acts (the Trade Practices Act and the Prices
Surveillance Act); statutory responsibilities arising from parts of other relevant Acts
and subordinate regulatory instruments; and competition initiatives, regulatory
mechanisms, liaison and information.
The National Competition Council (NCC) is an independent advisory body for all
Australian governments involved in implementing the National Competition Policy. Its
outputs are aimed at the achievement of effective and fair competition reforms and better
use of Australia's infrastructure for the benefit of the community. Outputs include:
advice to governments on competition policy and infrastructure access issues; and clear,
accessible public information on competition policy.
The Australian Prudential Regulation Authority (APRA) is the financial supervisor
responsible for prudentially regulating the banking, other deposit-taking, insurance and
superannuation industries. Outputs aim at 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 Securities and Investments Commission (ASIC) is the independent
government body that enforces and administers the Corporations Law and Consumer Protection
Law for investments, life and general insurance, superannuation and banking (except
lending). Its outputs aim at a fair and efficient financial market characterised by
integrity and transparency and supporting confident and informed participation of
investors and consumers. Outputs relate to: policy and guidance about the laws
administered by ASIC; comprehensive and accurate information on companies and corporate
activity; enforcement activity to give effect to the laws administered by ASIC; and
compliance monitoring relating to the Corporations Law.
The Companies and Securities Advisory Committee (CASAC) outputs are directed at
confident and informed participation of investors and consumers in the financial system.
Outputs include recommendations to the responsible Minister on the Corporations Law, and
the annual report, discussion papers and reports of the Committee.
Structure of Portfolio
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Past Last Updated: Tuesday 11th May, 7:30 pm AEST