The Treasury portfolio undertakes a range of activities aimed to support sustained growth in the economy.
The Treasury portfolio comprises the following entities:
The Treasury strives 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.
Australian Bureau of Statistics
The ABS 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.
Australian Competition and Consumer Commission
The ACCC 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
AOFM is responsible for the management of Australian Government debt and financial assets. Its outcome is: to enhance the Commonwealth’s capacity to manage its net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the net worth of the Commonwealth over time.
Australian Prudential Regulation Authority
APRA 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.
Australian Reinsurance Pool Corporation
APRA is a statutory authority established by the Terrorism Insurance Act 2003 to administer 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
ASIC 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). It has two outcomes: improved confidence in financial market integrity and protection of investors and consumers through research, policy, education, compliance and deterrence that mitigates emerging risks; and streamlined and cost-effective interaction and access to information for business and the public, through registry, licensing and business facilitation services.
Australian Taxation Office
The ATO 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.
Commonwealth Grants Commission
The CGC provides advice to the 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.
Corporations and Markets Advisory Committee
The Corporations and Markets Advisory Committee (CAMAC) provides a source of independent advice to the Australian Government on issues that arise in corporations and financial markets law and practice.
Financial Adviser Standards and Ethics Authority Ltd
The Financial Adviser Standards and Ethics Authority Limited (FASEA) was established as a Commonwealth company on 11 April 2017 to set the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients.
Inspector-General of Taxation
The IGT 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.
National Competition Council
The NCC 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.
Office of the Auditing and Assurance Standards Board
The Office of the AuASB’s mission is to develop 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.
Office of the Australian Accounting Standards Board
The Office of the AASB’s mission is to develop and maintain high quality financial reporting standards for all sectors of the Australian economy and contribute to the development of global financial reporting standards. 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.
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.
Royal Australian Mint
The 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.