Part 2: Report on performance (continued)

Date

Program 1.1: Department of the Treasury

The Treasury has four policy groups that contribute to the achievement of Program 1.1:

  • Macroeconomic Group;
  • Fiscal Group;
  • Revenue Group; and
  • Markets Group.

These groups are supported by Treasury support services that provide key services to assist with systems and facilities which provide essential support and organisational backup to the policy groups.

Program objective

The objectives of Program 1.1 are to:

  • promote a sound macroeconomic environment by monitoring and assessing economic conditions and prospects both in Australia and overseas, and provide advice on macroeconomic policy including fiscal and monetary policy;
  • promote effective government spending arrangements that contribute to the overall fiscal outcomes, influence strong sustainable economic growth and improve the wellbeing of Australians;
  • develop effective taxation and retirement income arrangements consistent with the Government’s reform priorities;
  • ensure well functioning markets by providing advice on policies that promote competitive, efficient markets and that work to enhance consumer wellbeing, a secure financial system and sound corporate practices, and foreign investment consistent with Australia’s national interest; and
  • use global and regional forums, and bilateral relationships to advance Australia’s interests and improve the international economic environment, and assist other governments in Asia and the southwest Pacific to improve economic governance.

Program key performance indicators

The key performance indicators are:

  • advice meets the Government’s needs in administering its responsibilities and making and implementing decisions. Advice is timely, of high quality, and is based on an objective and thorough understanding of issues and a whole-of-government perspective. The degree of client satisfaction with the quality and timeliness of the advice provided is assessed through formal and informal feedback mechanisms;
  • timely, high quality, accurate and transparent budget, MidYear Economic and Fiscal Outlook (MYEFO) and Final Budget Outcome documents that meet the expectations of the Government, the Parliament and the public. The budget preparation and coordination process is subject to an annual evaluation;
  • published reports and other information stimulate and inform government and public debate through robust analysis, modelling and research. Publications are timely, high quality and widely available to the public; and
  • legislation progressed by the Treasury is in accordance with the principles of good law design and is delivered according to government priorities:
    • the majority of prospective tax and retirement income legislation is ready to be introduced into Parliament within 12 months, and the majority of retrospective tax and retirement income legislation within six months, of the Government announcing it, and
    • at least one tax or retirement income legislative measure is the subject of a post-implementation review annually.

An assessment of the key performance indicators is included under the group responsible for the corresponding objective.