Australian Government, 2005–06 Budget

Portfolio Overview

Portfolio responsibilities

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’ responsibilities.

The Treasury produces outputs under four output groups — Macroeconomic, Fiscal, Revenue and Markets.

Macroeconomic group outputs include: domestic economic policy advice and forecasting; and international economic policy advice and assessment.

Fiscal group outputs include: budget policy advice and coordination; Commonwealth-State financial policy advice; and industry, environment and social policy advice.

Revenue group output is: taxation and income support policy advice.

Markets group outputs include: foreign investment policy advice and administration; financial system and corporate governance policy advice; competition and consumer policy advice; and actuarial services. In addition, the Royal Australian Mint is responsible for producing Australia’s circulating coin and like products.

The Australian Bureau of Statistics 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 Competition and Consumer Commission outputs are directed at enhanced social and economic welfare of the Australian community by fostering competitive, efficient, fair and informed Australian markets. Outputs are: compliance with competition, fair trading and consumer protection laws and appropriate remedies when the law is not followed; and competitive market structures and informed behaviour.

The Australian Office of Financial Management is responsible for the management of the Commonwealth’s net debt portfolio. Its output — debt management — is directed at ensuring that the Commonwealth net debt portfolio is managed at least cost subject to the Government’s policies and risk preferences.

The Australian Prudential Regulation Authority 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 include: policy and guidance about the laws administered by ASIC; comprehensive and accurate information on companies and corporate activity; compliance, monitoring and licensing of participants in the financial system to protect consumer interests and ensure market integrity; and enforcement activity to give effect to the laws administered by ASIC.

The Australian Taxation Office 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 tax, superannuation, excise and other related systems. Outputs include: shape, design and build administrative systems; management of revenue collection and transfers; compliance assurance and support revenue collection; compliance assurance and support for transfers and regulation of superannuation funds compliance with retirement income standards; and services to governments and agencies.

The Corporations and Markets Advisory Committee 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.

The Inspector-General of Taxation seeks to improve the administration of the tax laws for the benefit of all taxpayers. This is to be achieved by identifying systemic issues in the administration of the tax laws and providing independent advice to the government on the administration of the tax laws.

The National Competition Council 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 provided to governments on competition policy and infrastructure access issues; and clear, accessible public information on competition policy.

The Productivity Commission contributes to 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 activities; competitive neutrality complaints activities; and supporting research and activities and statutory annual reporting.

Figure 1: Portfolio structure and outcomes

Figure 1:  Portfolio structure and outcomes

Figure 2: Departmental appropriations for agencies in the Treasury portfolio

Figure 2:  Departmental appropriations for agencies in the Treasury portfolio

Figure 3: Administered appropriations for agencies in the Treasury portfolio

Figure 3:  Administered appropriations for agencies in the Treasury portfolio

Australian Government Indigenous Expenditure

The agencies in the following table have Australian Government Indigenous Expenditure (AGIE) for the Treasury Portfolio.

Portfolio table 1: Australian Government Indigenous Expenditure

Portfolio table 1:  Australian Government Indigenous Expenditure