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 Corporate Strategy and Services Group, which provides key services, systems and facilities that provide essential organisational support to the policy groups.
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 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; and
- ensure well-functioning markets by providing advice on policies that promote competitive, efficient markets and that work to enhance consumer and investor wellbeing, a secure financial system and sound corporate practices, and foreign investment consistent with Australia’s national interest.
The key performance indicators are:
- advice that 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 feedback mechanisms;
- timely, high quality, accurate and transparent Budget, Mid-Year 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 that stimulate and inform government and public debate through robust analysis, modelling and research. Publications are timely, of 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.