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.
Expert panel in Macroeconomic Modelling
In response to a review of its macroeconomic forecasting methodology, Treasury undertook to develop a wider range of alternative techniques to forecast the economy and to convene an external panel of experts to provide advice on those alternatives.
The expert panel provides advice on technical macroeconomic and forecasting issues. The members are academics and other macroeconomic experts with specialist knowledge in macroeconomic modelling.
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.