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Portfolio Overview

Date

Treasury portfolio overview

Ministers and 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 and the effective implementation and administration of policies that fall within the portfolio Ministers' responsibilities.

The Treasury portfolio comprises 16 agencies.

The Department of the Treasury's mission is to improve the wellbeing of the Australian people by providing sound and timely advice to the Government, based on objective and thorough analysis of options, and by assisting Treasury ministers in the administration of their responsibilities and the implementation of government decisions. Its outcome is: informed decisions on the development and implementation of policies to improve the wellbeing of the Australian people, including by achieving strong, sustainable economic growth, through the provision of advice to government and the efficient administration of federal financial relations.

The Australian Bureau of Statistics is Australia's official statistical agency. It provides statistics on a wide range of economic, environmental and social matters, covering government, business and the community in general. Its outcome is: informed decisions, research and discussion within governments and the community by leading the collection, analysis and provision of high quality, objective and relevant statistical information.

The Australian Competition and Consumer Commission is an independent statutory authority which administers the Competition and Consumer Act 2010 and performs functions under other Commonwealth legislation and State and Territory Competition Policy Reform Acts. Its outcome is: lawful competition, consumer protection, and regulated national infrastructure markets and services through regulation, including enforcement, education, price monitoring and determining the terms of access to infrastructure services.

The Australian Office of Financial Management is responsible for the management of Australian Government debt and financial assets. Its outcome is: the advancement of macroeconomic growth and stability, and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government.

The Australian Prudential Regulation Authority is the financial supervisor responsible for the prudential regulation of the banking, other deposit taking, insurance and superannuation industries. Its outcome is: 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 is the independent government body that enforces and administers corporate and financial services law and has responsibilities for consumer protection in relation to investments, life and general insurance, superannuation and banking (except lending). Its outcome is: improved confidence in Australia's financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems.

The Australian Taxation Office is the Australian Government's principal revenue collection agency and administers Australia's taxation system and significant aspects of Australia's superannuation system. It administers legislation governing taxation, superannuation and the Australian Business Register and supports the delivery of government benefits to the community. Its outcome is: confidence in the administration of aspects of Australia's taxation and superannuation systems through helping people understand their rights and obligations, improving ease of compliance and access to benefits, and managing non‑compliance with the law.

The Clean Energy Finance Corporation seeks to mobilise capital investment in renewable energy, low‑emissions technology and energy efficiency in Australia through commercial loans, equity investments and limited loan guarantees. Its outcome is: facilitate increased flows of finance into Australia's clean energy sector, applying commercial rigour to investing in renewable energy, low‑emissions and energy efficiency technologies, building industry capacity, and disseminating information to industry stakeholders.

The Commonwealth Grants Commission provides advice to government on the equitable distribution of GST revenue and health care grants to state and territory governments. Its outcome is: informed Government decisions on fiscal equalisation between the States and Territories through advice and recommendations on the distribution of GST revenue and health care grants.

The Corporations and Markets Advisory Committee is the independent government body that provides informed and expert advice to the government about corporate, financial product and financial market matters. Its outcome is: informed decisions by Government on issues relating to corporations regulation and financial products, services and markets through independent and expert advice.

The Inspector‑General of Taxation seeks to improve the administration of the tax laws for the benefit of all taxpayers. Its outcome is: improved tax administration through community consultation, review and independent advice to Government.

The National Competition Council is an independent advisory body for all Australian governments that advises and makes recommendations under the National Access Regime and recommendations and decisions in relation to natural gas pipelines. Its outcome is: competition in markets that are dependent on access to nationally significant monopoly infrastructure, through recommendations and decisions promoting the efficient operation of, use of and investment in infrastructure.

The Office of the Auditing and Assurance Standards Board's mission is to develop, in the public interest, high quality auditing and assurance standards and related guidance as a means to enhance the relevance, reliability and timeliness of information provided to users of audit and assurance services. Its outcome is: the formulation and making of auditing and assurance standards that are used by auditors of Australian entity financial reports or for other auditing and assurance engagements.

The Office of the Australian Accounting Standards Board's mission is to develop and maintain high quality financial reporting standards for all sectors of the Australian economy and contribute, through leadership and talent, to the development of global financial reporting standards and be recognised as facilitating the inclusion of the Australian community in the activity of global standard setting. Its outcome is: the formulation and making of accounting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions.

The Productivity Commission is the Government's independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Australians. Its outcome is: 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.

The Royal Australian Mint manufactures and sells circulating coins to meet the coinage needs of the Australian economy, and collector coins and other minted products for Australia and foreign count
ries. Its outcome is: the coinage needs of the Australian economy, collectors and foreign countries are met through the manufacture and sale of circulating coins, collector coins and other minted like products.

Figure 1: Treasury portfolio structure and outcomes

Portfolio Minister — Deputy Prime Minister and Treasurer
The Hon Wayne Swan MP
Assistant Treasurer
The Hon David Bradbury MP
Minister for Financial Services and Superannuation
The Hon Bill Shorten MP
Minister for Housing and Homelessness
The Hon Mark Butler MP
Parliamentary Secretary to the Treasurer
The Hon Bernie Ripoll MP
   
Department of the Treasury
Secretary: Dr Martin Parkinson
Informed decisions on the development and implementation of policies to improve the wellbeing of theAustralian people, including by achieving strong, sustainable economic growth, through the provisionof advice to government and the efficient administration of federal financial relations
   
Australian Bureau of Statistics
Statistician: Mr Brian Pink
Informed decisions, research and discussion within governments and the community by leading thecollection, analysis and provision of high quality, objective and relevant statistical information
   
Australian Competition and Consumer Commission
Chairman: Mr Rod Sims
Lawful competition, consumer protection, and regulated national infrastructure markets and servicesthrough regulation, including enforcement, education, price monitoring and determiningthe terms of access to infrastructure services
   
Australian Office of Financial Management
Chief Executive Officer: Mr Rob Nicholl
The advancement of macroeconomic growth and stability, and the effective operation of financialmarkets, through issuing debt, investing in financial assets and managing debt, investmentsand cash for the Australian Government
   
Australian Prudential Regulation Authority
Chairman: Dr John Laker AO
Enhanced public confidence in Australia's financial institutions through a framework of prudential regulationwhich balances financial safety and efficiency, competition, contestability and competitive neutrality
   
Australian Securities and Investments Commission
Chairman: Mr Greg Medcraft
Improved confidence in Australia's financial markets through promoting informed investors and financialconsumers, facilitating fair and efficient markets and delivering efficient registry systems
   
Australian Taxation Office
Commissioner: Mr Chris Jordan AO
Confidence in the administration of aspects of Australia's taxation and superannuation systems throughhelping people understand their rights and obligations, improving ease of compliance and accessto benefits, and managing non-compliance with the law
   
Clean Energy Finance Corporation
Chief Executive Officer: Mr Oliver Yates
Facilitate increased flows of finance into Australia's clean energy sector, applying commercial rigour toinvesting in renewable energy, low-emissions and energy efficiency technologies, building industrycapacity, and disseminating information to industry stakeholders
   
Commonwealth Grants Commission
Secretary: Mr John Spasojevic
Informed Government decisions on fiscal equalisation between the States and Territories throughadvice and recommendations on the distribution of GST revenue and health care grants
   
Corporations and Markets Advisory Committee
Convenor: Ms Joanne Rees
Informed decisions by Government on issues relating to corporations regulation and financialproducts, services and markets through independent and expert advice
   
Inspector-General of Taxation
Inspector-General: Mr Ali Noroozi
Improved tax administration through community consultation, review and independent advice to Government
   
National Competition Council
President: Mr David Crawford
Competition in markets that are dependent on access to nationally significant monopoly infrastructure, through recommendations and decisions promoting the efficient operation of, use of and investment in infrastructure
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Office of the Auditing and Assurance Standards Board
Chairman: Ms Merran Kelsall
The formulation and making of auditing and assurance standards that are used by auditors of Australian entity financial reports or for other auditing and assurance engagements
   
Office of the Australian Accounting Standards Board
Chairman: Mr Kevin Stevenson
The formulation and making of accounting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions
   
Productivity Commission
Chairman: Mr Peter Harris
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
   
Royal Australian Mint
Chief Executive Officer: Mr Ross MacDiarmid
The coinage needs of the Australian economy, collectors and foreign countries are met through themanufacture and sale of circulating coins, collector coins and other minted like products

Portfolio resources

Table 1 shows the total resources provided to the portfolio in the 2013‑14 budget year, by agency.

Table 1: Portfolio resources 2013‑14
  Appropriation     Receipts Total
  Bill No. 1
$'000
Bill No. 2
$'000
Special
$'000
  $'000 $'000
Department of the Treasury            
Administered appropriations 6,675 47,500 71,652,755   13,824,014 85,530,944
Departmental appropriations 169,296 - -   8,266 177,562
Total: 175,971 47,500 71,652,755   13,832,280 85,708,506
             
Australian Bureau of Statistics            
Administered appropriations - - -   - -
Departmental appropriations 330,713 8,211 -   45,963 384,887
Total: 330,713 8,211 -   45,963 384,887
             
Australian Competition and Consumer Commission            
Administered appropriations - - -   - -
Departmental appropriations 157,700 60 -   500 158,260
Total: 157,700 60 -   500 158,260
             
Australian Office of Financial Management            
Administered appropriations 10 - 296,338,104   - 296,338,114
Departmental appropriations 11,893 - -   828 12,721
Total: 11,903 - 296,338,104   828 296,350,835
             
Australian Prudential Regulation Authority            
Administered appropriations - - -   - -
Departmental appropriations 2,493 4,270 109,922   5,457 122,142
Total: 2,493 4,270 109,922   5,457 122,142
             
Australian Securities and Investments Commission            
Administered appropriations 6,329 - 174,438   - 180,767
Departmental appropriations 382,103 11,791 -   2,023 395,917
Total: 388,432 11,791 174,438   2,023 576,684
             
Australian Taxation Office            
Administered appropriations 6,697 - 9,937,144   45,854 9,989,695
Departmental appropriations 3,472,767 47,359 -   71,387 3,591,513
Total: 3,479,464 47,359 9,937,144   117,241 13,581,208
             
Clean Energy Finance Corporation            
Administered appropriations - - -   - -
Departmental appropriations 18,062 - -   1,036,873 1,054,935
Total: 18,062 - -   1,036,873 1,054,935
             
Commonwealth Grants Commission            
Administered appropriations - - -   - -
Departmental appropriations 6,465 - -   - 6,465
Total: 6,465 - -   - 6,465
             
Corporations and Markets Advisory Committee            
Administered appropriations - - -   - -
Departmental appropriations 1,030 - -   - 1,030
Total: 1,030 - -   - 1,030
             
Inspector-General of Taxation            
Administered appropriations - - -   - -
Departmental appropriations 2,656 - -   - 2,656
Total: 2,656 - -   - 2,656
             
National Competition Council            
Administered appropriations - - -   - -
Departmental appropriations 2,777 - -   - 2,777
Total: 2,777 - -   - 2,777
             
Office of the Auditing and Assurance Standards Board            
Administered appropriations - - -   - -
Departmental appropriations 2,244 - -   33 2,277
Total: 2,244 - -   33 2,277
             
Office of the Australian Accounting Standards Board            
Administered appropriations - - -   - -
Departmental appropriations 3,815 - -   788 4,603
Total: 3,815 - -   788 4,603
             
Productivity Commission            
Administered appropriations - - -   - -
Departmental appropriations 38,233 - -   10 38,243
Total: 38,233 - -   10 38,243
             
Royal Australian Mint            
Administered appropriations - - -   - -
Departmental appropriations - - 181,953   - 181,953
Total: - - 181,953   - 181,953
Resources available within the Treasury portfolio:    398,177,461