Treasury provides a forum for public consultation for the consideration of government policies that affect the fiscal environment.
The public may make a submission or comment on policies through our Consultations and Submissions page.
The Treasury provides advice on company law and corporate governance issues, corporate insolvency, corporate financial reporting and oversight of portfolio agencies connected to corporate regulation and related financial issues.
Portfolio commitment regarding international standards and risk assessments
On 14 October 2014, the Australian Government published the Industry Innovation and Competitiveness Agenda: An Action Plan for a Stronger Australia. This document outlined the principle that if a system, service or product has been approved under a trusted international standard or risk assessment, Australian regulators should not impose any additional requirement unless it can be demonstrated that there is a good reason to do so.
Treasury has developed a portfolio commitment to the Government’s policy regarding international standards and risk assessments.
Statements of Expectations
The Australian Government agreed that Ministers would issue Statements of Expectations to statutory agencies. Through issuing a Statement of Expectations, Ministers are able to provide greater clarity about government policies and objectives relevant to a statutory authority, including the policies and priorities it is expected to observe in conducting its operations.
The Statement of Expectations recognises the independence of the statutory agency.
Nine portfolio agencies have been issued with Statements of Expectations and each has responded with a Statement of Intent.
The Regulator Performance Framework commenced on 1 July 2015 and forms an important part of the Government’s commitment to reduce unnecessary and inefficient regulation. The Framework encourages regulators to minimise the regulatory burden created through their administration of regulation.
Nine Treasury portfolio agencies developed performance metrics in consultation with key stakeholders. The metrics were approved by Ministers in June 2015 and will be used by regulators in annual self-assessments of their performance against the Framework.
As part of its deregulation agenda, the Government has committed that each portfolio will conduct a stocktake of existing Commonwealth regulation which will be used as a tool to assist in identifying and prioritising areas for future reform. The Treasury portfolio’s Stocktake of Regulation report sets out the process used to count and cost regulations and the final estimate of the annual cost of complying with regulation in the portfolio. Additionally, a report is produced each year highlighting the deregulation activities undertaken by the Treasury portfolio. The Treasury Portfolio Annual Report on Deregulation provides details of the major regulatory and deregulatory initiatives, summarises Regulation Impact Statement activity and provides details of stakeholder and regulator engagement.
Further information on the progress of the Government's deregulation agenda, including information on the deregulation activities of other portfolios is available on the Cutting Red Tape website.
Financial Reporting Council
The Financial Reporting Council is responsible for overseeing the effectiveness of the financial reporting framework. Key functions include the oversight of the accounting and auditing standards setting processes for the public and private sectors and monitoring the effectiveness of the auditor independence regime.
For further information, visit the Financial Reporting Council website.
Trans Tasman Outcomes Implementation Group
The Trans Tasman Outcomes Implementation Group was established to conduct the work program of shared practical outcomes for developing cross border economic initiatives agreed to by the Australian and New Zealand Prime Ministers on 20 August 2009.
For further information, visit the Trans Tasman Outcomes Implementation Group website.
Trans Tasman Accounting and Auditing Standards Advisory Group
TTAASAG was established to advise the Australian and New Zealand accounting and auditing standard and oversight bodies, and Governments, on strategies to establish a single set of trans-Tasman accounting standards and to assist in the development of international accounting standards and the international accounting standard setting process.
For further information, visit the Trans Tasman Accounting and Auditing Standards Advisory Group website.
Joint Commonwealth and Tasmanian Economic Council
The Joint Commonwealth and Tasmanian Economic Council is a government election commitment as part of the Coalition's Economic Growth Plan for Tasmania. The Council will give consideration to the type of competitive reforms needed to boost Tasmania's long-term growth.
For further information, view the Joint Commonwealth and Tasmanian Economic Council page.