The Treasury portfolio undertakes a range of activities aimed at achieving strong sustainable economic growth for the good of Australians. The Treasury portfolio comprises the following entities:
The Department of the Treasury
The Department of the Treasury is the Australian Government’s pre-eminent economic adviser. Treasury serves the Australian people through the development, delivery and implementation of sound economic policy and advice. The result is better informed policies designed to create economic prosperity for the Australian people. Its outcome is: supporting and implementing informed decisions on policies for the good of the Australian people, including for achieving strong, sustainable economic growth, through the provision of advice to Treasury Ministers and the efficient administration of Treasury’s functions.
The Australian Bureau of Statistics
The Australian Bureau of Statistics is Australia’s official statistical entity. It provides statistics on a wide range of economic, environmental, population and social matters, covering government, business and the community in general. Its outcome is: decisions on important matters made by Governments, business and the broader community are informed by objective, relevant and trusted official statistics produced through the collection and integration of data, its analysis, and the provision of statistical information.
Australian Competition and Consumer Commission
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.
Australian Office of Financial Management
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.
Australian Prudential Regulation Authority
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 and, in balancing these objectives, promotes financial system stability in Australia.
Australian Reinsurance Pool Corporation
The Australian Reinsurance Pool Corporation is responsible for administering the terrorism reinsurance scheme, providing primary insurers with reinsurance for commercial property and associated business interruption losses arising from a declared terrorist incident.
Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets, financial services and credit regulator. It is responsible for consumer protection and market integrity. As part of its remit, ASIC also regulates investment management and superannuation, insurance, deposit taking, financial reporting, auditors and insolvency practitioners. ASIC promotes investor and consumer trust and confidence, fair and efficient markets and provides efficient registration services. 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
The Australian Taxation Office is the Australian Government’s principal revenue collection agency and administers Australia’s tax system and significant aspects of Australia’s superannuation system. It administers legislation governing tax, 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.
Commonwealth Grants Commission
The Commonwealth Grants Commission provides advice to the Australian Government on the equitable distribution of GST revenue 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.
Financial Adviser Standards and Ethics Authority Ltd
The Financial Adviser Standards and Ethics Authority Ltd sets the education, training and ethical standards of licensed financial advisers in Australia. Its outcome is: Strengthen the professional and ethical standards of financial advisers through enhancing educational and training requirements and ethical standards to improve consumer outcomes.
Infrastructure and Project Financing Agency
The Infrastructure and Project Financing Agency supports the Australian Government in making commercially astute decisions on nationally significant infrastructure projects and programs through the provision of independent, whole-of-government commercial and financial advisory services. Its outcome is: to leverage additional private sector investment in infrastructure and secure better returns from the Commonwealth's investment by assisting the Government to identify, assess, and broker financing opportunities for infrastructure and projects, including through engagement with Commonwealth entities, State and Territory governments, and the private sector.
Earlier this year, the Hon Josh Frydenberg MP, Treasurer, became the responsible minister for the Infrastructure and Project Financing Agency. From 1 May 2021, IPFA will no longer be an executive agency, but will become a distinct part of the Department of the Treasury. IPFA will continue its role as the Australian Government’s in-house commercial and financial adviser, enabling commercial excellence in Australian Government infrastructure investments.
Inspector-General of Taxation
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 investigation of complaints, conducting reviews, public reporting and independent advice to Government and its relevant entities.
National Competition Council
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.
National Housing Finance and Investment Corporation
The National Housing Finance and Investment Corporation’s objective is to improve housing outcomes by operating an affordable housing bond aggregator to provide loans to registered community housing providers financed by the issue of bonds on the commercial market; and a National Housing Infrastructure Facility to provide loans, grants and investments to overcome impediments to the provision of housing that is due to the lack of necessary infrastructure. Its outcome is: improved housing outcomes for Australians, including through financial and other assistance to improve the efficiency and scale of the community housing sector, as well as for critical infrastructure that increases housing supply.
Office of the Auditing and Assurance Standards Board
The Office of the Auditing and Assurance Standards Board’s objective is to develop, issue and maintain in the public interest, principle-based, independent auditing and assurance standards for all sectors of the Australian economy that meet user needs, contribute to the development of international auditing and assurance standards and assist in maintaining confidence in the Australian economy, including its capital markets. 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.
Office of the Australian Accounting Standards Board
The Office of the Australian Accounting Standards Board’s role is to develop, issue and maintain principle-based independent financial reporting standards for all sectors of the Australian economy that meet user needs, contribute to the development of international accounting standards and assist in maintaining confidence in the Australian economy, including its capital markets. 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 Australian 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.
Reserve Bank of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes. Its purpose is: in its role as Australia’s central bank, the RBA determines and implements monetary policy, fosters financial stability, undertakes a range of activities in financial markets, acts as a banker to the Australian Government, issues Australia’s banknotes and has policy, supervisory and operational roles in the payments system.
Royal Australian Mint
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 countries. 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.