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2019‑20 Corporate Plan

Section One: Secretary's introduction

The Treasury 2019-20 Corporate Plan sets out our purpose, operating context and priorities for the next four years (2019‑20 to 2022‑23).

Treasury is the Government’s pre-eminent economic adviser. We take enormous pride in our role in providing advice to the Government to support the effective management of the Australian economy.

Treasury’s purpose is to support and implement informed decisions on policies for the good of the Australian people, consistent with achieving strong, sustainable economic growth and fiscal settings.

We achieve this through our work promoting a sound economic environment, effective Government spending arrangements and regulations, well-functioning markets to encourage consumer and investor confidence, and sustainable taxation and revenue arrangements.

Our plan shows how we will direct our efforts to achieve our purpose. Everything we do across the department relates back to this plan, our primary planning document. We have structured this plan around the four strategic focus areas through which we deliver our purpose: fiscal, macroeconomic, markets and revenue.

Our plan provides you with an overview of Treasury’s operating environment, capability, key activities and how we measure performance over the forward estimates. It has been prepared in accordance with paragraph 35(1)(b) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and I encourage you to read this plan in conjunction with Treasury’s Portfolio Budget Statements 2019-20.

I look forward to reporting on our progress in the 2019-20 Annual Performance Statements published in the Treasury Annual Report.

I am pleased to sign off on the Treasury 2019-20 Corporate Plan.

Dr Steven Kennedy PSM
Secretary to the Treasury

Secretary to the Treasury - Phil Gaetjens

Section Two:  About Treasury

Operating environment

Our operating environment is shaped by the domestic and global economies, which are increasingly integrated. We take into account evolving and complex trends related to demography, globalisation, social preferences and technology.

Central to delivering our purpose is scanning this environment for the factors driving the economic outlook, to inform timely policy advice and analysis.

Overall, the fiscal outlook in Australia remains positive by international standards. However, long-term challenges remain. We remain focused on balancing policies to enhance growth, while building fiscal buffers to ensure Australia remains adequately prepared to withstand future shocks.

Our research shows Australia will continue to face similar productivity challenges to those of other economies over the coming years. This requires us to search for innovative policy approaches ensuring that all people can share in the growth and opportunity that has benefited the majority of Australians.

Externally, in the face of increasing protectionism and trade uncertainty, we will also continue our advocacy of the multilateral trading system, represent Australia’s interests through engagement with international institutions, and pursue new trade opportunities.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry identified the need for reforms to restore community trust in the financial system, while maintaining the flow of credit. Similarly, consumer concern on the regulation of markets is increasing.

While Treasury has made significant progress in recent years, more work needs to be done in laying secure regulatory foundations which allow businesses and markets to grow in a way that benefits consumers and makes our financial system more resilient.

Lastly, in an environment of competing views, Treasury needs to ensure we are building capability to continue to provide influential and positive policy contributions. We will engage with institutions and business, leverage data and our people, to support the effective management of the Australian economy.

Our people and organisation

Treasury's success as an adviser to the Government is underpinned by the capability and specialist skills of our people. We rely on talent sourcing, including secondments to and from the private sector and research institutions, to provide a workforce that is knowledgeable, engaged and responsive.

In addition to Treasury's Canberra office, our offices in Sydney, Melbourne and Perth enable Treasury to better understand the economy. These offices also help to form stronger relationships with stakeholders and the wider community, source a more diverse workforce and strengthen our organisational capability.

Similarly, Treasury also has officers deployed overseas who provide important input into our advice to the Government and represent Australia's interests abroad. Officers are posted in Beijing, Jakarta, London, New Delhi, Paris, Tokyo and Washington D.C.

Our stakeholders

Effective stakeholder engagement is core to Treasury’s work. It helps us enrich our advice to government, assists in better decision making, and enhances our relationships with the Australian community. Like our own scope, Treasury’s stakeholder group is broad and diverse and includes industry, regulators, consumers, thought leaders, academics and community groups of all sizes.

From formal consultations to standalone relationship-building initiatives, Treasury is committed to ensuring that our stakeholders have an opportunity to contribute to the policy making process.

In 2019, Treasury committed to a Stakeholder Engagement Strategy which outlines our engagement principles, approach and an action plan to continue improving our engagement capability. The priorities for this strategy were directly informed by feedback received from staff and stakeholders through a large scale survey conducted in 2018.

All our engagement will be guided by the key principles identified in the strategy: no matter who we engage with, or how we do it, we aim to be thoughtful, open, inclusive and respectful.

Our operational priorities for stakeholder engagement are to standardise formal consultation processes, improve overall access to the department, create more regular opportunities for engagement with our stakeholders outside key consultations, and continue to invest in building engagement skills across the department.

We remain committed to extending our reach beyond Canberra. Engagement at regional and local levels enables us to see first-hand the economic potential of regional Australia, while our international engagement through international bodies and financial institutions supports Australia’s economy in a globalised and interconnected environment.

Section Three: Strategic focus areas

Fiscal

Promoting effective government spending arrangements and regulations.

Overview

One of Treasury’s strategic priorities is to assist the Government in executing its fiscal strategy which, as mandated under the Charter of Budget Honesty Act 1998 (the Charter), seeks to maintain the economic prosperity and welfare of Australians.

In fulfilling this role, Treasury is focused both on short-term and emerging priorities as well as rigorous advice, and systemic and structural policy issues. Treasury delivers core government functions, such as producing the Budget and making timely and accurate payments to the states and territories, while also developing high-quality advice on government spending arrangements and regulations that reflect a whole-of-economy perspective, promote the interests of Australians, facilitate efficient, sustainable and effectively targeted government spending and proactively work towards addressing longer-term structural challenges in the economy.

 

Key activities

In 2019‑20 and over the forward estimates, Treasury will:

  • Coordinate the preparation of the Budget and other documents required under the Charter, including the Mid-Year Economic and Fiscal Outlook (MYEFO), the Final Budget Outcome and the Intergenerational Report, to a high level of quality, timeliness and security.
  • Support efficient and effective Commonwealth-State relations by maintaining high-quality relationships, ongoing custodianship of the Intergovernmental Agreement on Federal Financial Relations (IGA) framework, and making timely and accurate payments to the states and territories.
  • Provide high-quality, influential and timely advice to the Government on:
    • fiscal strategy and the Budget position
    • Commonwealth-State relations
    • spending proposals
    • Australia’s retirement income system
    • managing effective change in regions and industries.

 

Performance criteria

Criteria:  All Budget documentation required by the Charter of Budget Honesty Act 1998 is delivered.

Target:  Documents required under the Charter are delivered as they fall due.

Criteria:  Payments to state and territory governments are timely, and meet the requirements of the IGA.

Target:  100 per cent of payments are made in accordance with the IGA and its related schedules. Relevant estimates are updated accurately and in a timely fashion. Meetings of the Council on Federal Financial Relations are held at least biannually.

Criteria:  Treasury makes influential and positive fiscal policy contributions and support to the Government’s economic agenda for the good of the Australian people.

Target:  Ministers and relevant stakeholders indicate a constructive and positive contribution to public policy outcomes. Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.

 

Macroeconomic

Promoting a sound economic environment.

Overview

Treasury contributes to the development of economic policy through historical and forward-looking economic analysis and policy research. We work to effectively promote Australia’s interests in the international economic arena, including through a sound understanding of the shifting international economic policy environment, strong advocacy for global economic openness and supporting regional and global macroeconomic stability.

Collaboration across Treasury with the wider public service and external stakeholders contributes to advice on economic issues likely to influence Australia’s short, medium and long-term economic performance and living standards. Areas of particular interest include: the supply side of the economy made up of productivity, participation and population; fiscal, monetary and macro-prudential policy strategy; trade policy; and considering how Australia’s domestic policy settings are linked with the international environment.

Treasury’s robust and high-quality economic forecasting process facilitates the development of fiscal policy settings that support the achievement of strong, sustainable economic growth. We are developing new tools that will strengthen our capacity to provide policy advice. We have built three new macroeconomic models for forecasting and counterfactual policy analysis, and we have expanded our capacity to use microdata analysis to generate insights on macroeconomic issues such as productivity and wages.

Treasury also provides high-quality advice to the Government on economic and financial conditions to support informed decision making across government and advises on governance issues relating to the Reserve Bank of Australia, the Productivity Commission, the Australian Bureau of Statistics, and economic multilateral organisations to which Australia is a member, including the Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), the World Bank and a number of other international financial institutions.

 

 

Key activities

In 2019‑20 and over the forward estimates, Treasury will:

  • Advocate and advance Australia’s interests through the G20 and the international financial institutions and through bilateral engagement, specifically on open trade, resilience of the international financial system (including an adequate global financial safety net) and the stability of South East Asia and the Pacific by participating in the G20; supporting and collaborating with international financial institutions; developing deeper knowledge of regional economies; building stronger economic linkages bilaterally with international stakeholders; and facilitating Treasury-wide regional engagement through the administration of the Regional Engagement Fund.
  • Monitor and provide in-depth analysis of domestic economic conditions (including via our business liaison program) and global economic conditions to contribute to policy development and implementation and to prepare economic forecasts for the Budget, MYEFO and the Intergenerational Report.
  • Support Treasury’s advice to the Government on productivity-enhancing reforms. This includes constructing longitudinal data sets and analysing them to gain new insights on drivers of productivity and wage growth as well as applying modelling expertise to evaluate the economy-wide impacts of policies. We will engage widely to maintain a focus on policies that make the economy more productive, adaptive and resilient.
  • Develop and maintain models that are consistent with best-practice forecasting and analytical techniques. This includes continuing to embed the use of: an operational macroeconomic model of Australia (EMMA); our Treasury Industry Model (TIM); and our Overlapping Generations Model of Australia (OLGA). We will add more detailed analytical capacity to model housing, savings, tax and transfers, and age-related government spending. We will also work to sustain economic modelling capability amongst staff.
  • Develop and maintain model databases and systems that underpin the economic data infrastructure for the department.
  • Support the Treasurer in carrying out his statutory responsibilities relating to the Reserve Bank of Australia, the Australian Bureau of Statistics and the Productivity Commission, including appointments, legislation, funding and, in the case of the Productivity Commission, coordinating the commissioning and tabling of inquiry reports.
  • Fulfil the financial and governance obligations the Government has made to international financial institutions.
  • Establish the new Centre for Population announced in the 2019‑20 Budget. The Centre will inform and coordinate the development of population policy across government and help all levels of government and the community better understand the challenges presented by demographic change.

 

 

Performance criteria

Criteria:  Advance Australia’s interests through effective support of ministerial and senior official international engagement.

Target:  International engagement support will include:

  • Clear articulation of Australia’s interests in departmental context setting meetings held prior to significant international engagement
  • Deepened engagement and collaboration with other countries to enhance Australia’s influence in multilateral forums
  • Focused meeting briefs and interventions on advancing Australia’s interests
  • Efficient and effective logistical support to travel and events
  • Shared meeting outcomes and observations, internally and with other government agencies, to facilitate consistency (where appropriate) in whole-of-government positions and representation.

Criteria:  Treasury monitors, reports on and provides analysis, including through building modelling capability, of international and domestic economic and financial conditions.

Target:  Advice and analysis on international domestic and economic and financial conditions will make a contribution to policy analysis and development, and will include:

  • Timely and accurate updates on domestic and global economic and financial conditions, and information notes with deeper analysis of core aspects of the international and domestic economies
  • Robust and effective economic models, to be used across Treasury for economic forecasting and analysis of major policy proposals
  • Consideration of stakeholder views, informed by Treasury’s regular business liaison program, and engagement with overseas posts, academia, policy institutes, and other government departments and agencies.

Criteria:  Treasury provides analysis and advice on the economic implications of policy options and demographic change.

Target:  Provide timely and insightful modelling and advice on population issues and the economic and demographic implications of policy options that contribute to the Government’s agenda, including the establishment of the new Centre for Population by the end of 2019, in line with government priorities. 

Criteria:  Deepened regional engagement and engagement with governance and financial obligations related to international financial institutions to promote Australia’s interests.

Target:  International and regional engagement is supported through:

  • Facilitation of timely and accurate payments to the IMF in accordance with the International Monetary Agreements Act 1947, and to multilateral development banks of which Australia is a member, specifically the World Bank Group, the Asian Development Bank, the European Bank of Reconstruction and Development, the Asian Infrastructure Investment Bank, and the Global Infrastructure Hub
  • Treasury’s engagement with regional stakeholders including the provision of efficient and effective logistical support
  • Expenditure of the Regional Engagement Fund in accordance with the Guidelines to Access Treasury’s Regional Engagement Fund
  • Effective appointment processes to governance boards which meet requirements of individual institutions’ constitutions.

 

Markets

Developing well-functioning markets that encourage consumer and investor confidence.

Overview

Treasury advances the Government’s policy and reform agenda, and in so doing advocates for actions that are transparent, proportionate, fair, and in line with community expectations.

Treasury advises the Government on the best frameworks and infrastructure, market, legislative and regulatory responses; and designs, manages and delivers reforms and initiatives with stakeholders and relevant portfolio bodies.

Treasury supports the Government to promote competition, effective and accessible insurance, access to finance, business growth and innovation, and the stability of the financial system.

Treasury also works to ensure that the regulatory settings and government infrastructure that affect companies and consumers across the economy allow companies to flourish and investors and consumers to be confident and well-informed.

Treasury has an important role in regulating foreign investment. We work closely with agencies to identify and manage national interest risks, while recognising the important benefits foreign investment brings to Australia.

 

 

Key activities

In 2019‑20 and over the forward estimates, Treasury will:

  • Deliver the Government’s reform commitments made in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry 
  • Manage and deliver the Government’s legislative agenda in relation to financial system, corporate law and consumer policy in line with government priorities
  • Provide high-quality, influential and timely advice to the Government on policies and reforms that:
    • promote sound corporate practices; remove impediments to competition in capital, product and services markets; and safeguard consumers and Australia’s national interests in foreign investment
    • support the economy being more productive, adaptable and resilient, including in respect of the financial system and foreign investment
    • remove barriers and improve incentives for firms to compete, innovate and increase choice and benefit for consumers, including leveraging digital technologies and data
    • ensure regulation focused on firms is fit-for-purpose and flexible, and compliance is as simple as possible
    • support relevant portfolio institutions and regulators, and promoting their capability.
  • Work with regulators, consumer advocates, industry participants and other policy thinkers to build partnerships that inform and influence policy decisions and outcomes
  • Assess foreign investment proposals consistent with the requirements of the Foreign Acquisitions and Takeovers Act 1975; and ensure Australia’s foreign investment framework is fit-for-purpose, administered efficiently, and clearly communicated to potential investors
  • Assist government agencies to quantify risks and make informed decisions through the work of the Australian Government Actuary
  • Support the efficient, competitive and informed market for corporate control, through the Takeovers Panel.

 

 

Performance criteria

Criteria:  Treasury makes influential and positive policy contributions to the Government’s economic agenda to support well-functioning markets that encourage consumer and investor confidence.

Targets:  Ministers and relevant stakeholders find Treasury’s advice to be constructive, valuable and in line with government priorities.

Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.

Criteria:  The Government response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and its broader legislative and reform program for financial system, corporate law and consumer policy, is delivered in accordance with government priorities.

Target:  The legislative reform program is introduced to the Parliament in accordance with the Treasury Legislation Prioritisation Framework and government priorities.

Criteria:  Effective development and administration of Australia’s foreign investment framework.

Target:  Regulatory performance meets whole-of-government standards.

 

Revenue

Developing effective arrangements for revenue and taxation matters that support a sustainable tax system.

Overview

Treasury is working towards a stronger, more sustainable tax system by promoting tax policy awareness and debate and pursuing government priorities.

Treasury provides advice and analysis to the Government on revenue issues, including forecasting of taxation revenue, advice to Treasury Ministers in the formulation of government taxation policy, targeting of the black economy and the progression of the Government’s legislative reform agenda through management, development and delivery of Treasury’s portfolio legislative program.

Treasury also adds to public understanding of revenue matters through contributions to the Budget and other government publications.

Treasury will continue to build on work to engage across government and with the public on policy advice in taxation, lead initiatives to target revenue through work on structural issues and support government decisions through the provision of quality advice. Treasury will also continue to enhance the quality of our modelling and forecasting advice, including building capability by strengthening relationships with stakeholders from both the public and private sectors.

 

 

Key activities

In 2019‑20 and over the forward estimates, Treasury will:

  • Provide high quality and timely advice to Treasury Ministers, Assistant Ministers and the Government on a range of tax related issues, and implement the Government’s tax decisions into law
  • Draw on a range of statistical and administrative data sets to provide revenue forecasts and estimates of the fiscal and distributional impacts of policy changes over the forward estimates and medium term
  • Oversee the Government’s multi-pronged approach to targeting the black economy
  • Strengthen productive working relationships with private sector, non-government organisations, academia and other policy-focused institutions to inform policy advice
  • Influencing international tax policy debate and development through engagement with international forums, most notably the OECD and G20
  • Manage, develop and deliver the Treasury portfolio legislative program in accordance with the Government’s priorities.

 

 

Performance criteria

Criteria:  Treasury delivers modelling and forecasting capability to support and improve the understanding of developments in the economy and informing policy processes.

Target:  Models and forecasting activities are based on best-practice and deliver outcomes which are within accepted ranges. 

Criteria:  Management, development and delivery of the legislative program in accordance with the relevant legislative requirements and guidance, including timeframes and meeting of quality standards.

Target:  The legislative program is delivered within the required timeframe and the quality of legislation implemented meets a satisfactory standard, in line with government priorities.

Criteria:  Treasury makes influential and positive policy contributions to revenue and taxation issues.

Target:  Ministers and relevant stakeholders indicate a constructive and positive contribution to public policy outcomes, in line with government priorities.

Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.

 

Section Four:  Organisational Capability

Workforce capability

The quality and capability of our workforce are central to achieving Treasury’s purpose. Our ability to support and implement informed decisions on policies for the good of the Australian people is dependent upon our ability to attract, retain and develop our workforce, and respond dynamically to changes in our environment.

Treasury continues to implement an integrated suite of strategies, programs and initiatives to build and enhance our capability and culture, to ensure that we continue to deliver on our outcomes.

Our strategies and programs focus on building professional and technical capabilities.  Professional capabilities include leadership, management, communication, project management and stakeholder engagement. Technical capabilities include economic policy, analysis, programming and modelling, policy development and legislation management.

The ongoing development of professional and technical capabilities is supported by targeted and tailored development programs, on the job learning, secondments to and from a wide range of organisations, e-learning solutions and an enhanced approach to our graduate recruitment and development program. Robust performance development and talent management processes ensure our employees are accountable, rewarded and recognised for high performance. We continue to foster talent at all levels.

Our strategies are underpinned by a focus on the attraction and retention of high quality employees. This includes leveraging our State Office presence to tap into the capabilities available outside Canberra and developing a leading edge brand as an employer of choice.

In 2019‑20, we will develop and implement a capability strategy for the period to 2023. This strategy will identify and prioritise investment in critical skills and capabilities over the forward estimates, and include an integrated suite of development opportunities, including enhancements to our existing support for ongoing tertiary studies assistance and scholarships.

Following the launch of our Inclusion and Diversity Strategy 2019‑2021, we continue to support all employees to reach their full potential through supporting employee-led diversity networks and the implementation of their action plans and network events. We continue to focus on building a pipeline of Indigenous graduates through newly formed partnerships, to ensure our workforce reflects the Australian community.

Information and communications technology

Treasury operates in a dynamic environment, requiring agile, responsive information and communications technology (ICT) solutions that enable the delivery of high quality advice and policy to the Government. We rely on collaboration across the public service and with industry, access to high quality data modelling and analysis systems, and timely access to information to continue as the pre-eminent economic adviser to the Government.

The ICT Strategic Plan 2018-21 outlines how we will deliver ICT initiatives to support the dynamic nature of the department. The key themes of the ICT Strategic Plan include empowering staff, collaboration, analysis and modelling, robust, reliable and responsive ICT and information governance.

In 2019‑20, and over the forward estimates, the department will focus on modernising end user computing, improvements to modelling capabilities through leveraging cloud technologies, initiating a legacy application redevelopment program, and redeveloping the Federal Payments Management System. The Information Strategy Committee will drive improved governance of information and modelling capabilities across the department.

Section Five:  Risk Management

Risk management at Treasury is an enabler of good decision-making and robust advice to government; and supports accountability, transparency and engagement with opportunities.

Effective risk management, based on sound judgement and the best information available, enhances Treasury’s capacity to derive maximum benefits in shaping positive economic outcomes for all Australians.

Treasury manages risk on three levels: strategically, including risks to economic conditions; critically, including risks to our key objectives; and operationally, including the risks underpinning the delivery of our work.

Treasury actively scans the external economic environment for strategic risks, which supports the quality of our advice and analysis to government and the responsiveness of our policy development to emerging risks. This includes monitoring measures of economic demand and confidence, such as debt and growth, as well as considering geopolitical issues and changes in trade protection sentiment, and the impact on our policy settings. 

Treasury also focuses on risks to our key objective areas, such as delivery of the Budget and development of the legislative agenda – ensuring that over the forward years we continue to manage risks to the systems, and capabilities and controls in place to achieve these outcomes, including cyber security, stakeholder engagement and people capability.

Our risk management work is supported by frameworks, processes and tools to promote consistency in identification, communication, monitoring, decision-making and management of risks and opportunities.

Treasury is actively continuing to mature risk capability within the department through the development and implementation of annual risk communication and capability plans, sponsored by the Chief Risk Officer and reviewed by the Treasury Audit Committee.

One area of focus for 2019‑20 and over the forward years is building capability in managing shared risk in the delivery of positive economic outcomes, particularly in the work we do with other Australian Government entities, our portfolio bodies, regulators and the private sector.

Section Six:  Performance criteria

Related strategic focus area Performance Target Methodology Related PBS Program
2019‑20 2020‑23
Fiscal

All Budget documentation required by the Charter of Budget Honesty Act 1998 is delivered.

Documents required under the Charter are delivered as they fall due. As per 2019‑20 Review the extent to which each fiscal report required by the Charter is delivered in accordance with the Charter’s requirements. PBS Program 1.1
Payments to state and territory governments are timely, and meet the requirements of the Intergovernmental Agreement on Federal Financial Relations (IGA). 100 per cent of payments are made in accordance with the IGA and its related schedules. Relevant estimates are updated accurately and in a timely fashion. Meetings of the Council on Federal Financial Relations are held at least biannually. As per 2019‑20 Verify that payments align with authority and legislative requirements are met prior to payments being made. Provide secretariat support to the Council on Federal Financial Relations. Program 1.4-1.9
Treasury makes influential and positive fiscal policy contributions and support to the Government’s economic agenda for the good of the Australian people. Ministers and relevant stakeholders indicate a constructive and positive contribution to public policy outcomes.
Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.
As per 2019‑20 Record and review feedback sought from Treasury Ministers and their staff on the quality and usefulness of advice (through processes such as the post-Budget review), as well as continuous feedback mechanisms, such as Expenditure Review Committee debriefs and cross-department consultations, so that officials are able to improve the relevance and quality of advice to the Government. PBS Program 1.1
Macroeconomic Advance Australia’s interests through effective support of ministerial and senior official international engagement. International engagement support will include:
  • Clear articulation of Australia’s interests in departmental context setting meetings held prior to significant international engagement
  • Deepened engagement and collaboration with other countries to enhance Australia’s influence in multilateral forums
  • Focused meeting briefs and interventions on advancing Australia’s interests
  • Efficient and effective logistical support to travel and events
  • Shared meeting outcomes and observations, internally and with other government agencies, to facilitate consistency (where appropriate) in whole-of-government positions and representation.
As per 2019‑20 Review outcomes collated over the year, including documenting and undertaking reviews with travel parties and interlocutors after each meeting to assess progress against the target. PBS Program 1.2
Treasury monitors, reports on and provides analysis, including through building modelling capability, of international and domestic economic and financial conditions. Advice and analysis on international domestic and economic and financial conditions will make a contribution to policy analysis and development, and will include:
  • Timely and accurate updates on domestic and global economic and financial conditions, and information notes with deeper analysis of core aspects of the international and domestic economies
  • Robust and effective economic models, to be used across Treasury for economic forecasting and analysis of major policy proposals
  • Consideration of stakeholder views, informed by Treasury’s regular business liaison program, and engagement with overseas posts, academia, policy institutes, and other government departments and agencies.
As per 2019‑20 Reports collated for the Group Executive on the data release emails issued; formal and informal feedback mechanisms from Treasury Ministers, their staff and a selection of relevant stakeholders on the usefulness of our contribution to their analysis and advice; and record requests for contributions to policy development. PBS Program 1.1
Treasury provides analysis and advice on the economic implications of policy options and demographic change. Provide timely and insightful modelling and advice on population issues and the economic and demographic implications of policy options that contribute to the Government’s agenda, including the establishment of the new Centre for Population by the end of 2019, in line with government priorities.  As per 2019‑20 Record and review feedback periodically solicited from Treasury Ministers, their staff, and relevant stakeholders on the usefulness and timeliness of advice. PBS Program 1.1
Deepened regional engagement and engagement with governance and financial obligations related to international financial institutions to promote Australia’s interests. International and regional engagement is supported through:
  • Facilitation of timely and accurate payments to the IMF in accordance with the International Monetary Agreements Act 1947, and to multilateral development banks of which Australia is a member, specifically the World Bank Group, the Asian Development Bank, the European Bank of Reconstruction and Development, the Asian Infrastructure Investment Bank, and the Global Infrastructure Hub
  • Treasury’s engagement with regional stakeholders including the provision of efficient and effective logistical support
  • Expenditure of the Regional Engagement Fund in accordance with the Guidelines to Access Treasury’s Regional Engagement Fund
  • Effective appointment processes to governance boards which meet requirements of individual institutions’ constitutions.
As per 2019‑20 Verify payments to international financial institutions align with relevant agreements. Verify expenditure of the Regional Engagement Fund aligns with Guidelines. Review compliance of appointment processes to governance boards. PBS Program 1.2 and 1.3
Markets Treasury makes influential and positive policy contributions to the Government’s economic agenda to support well-functioning markets that encourage consumer and investor confidence. Ministers and relevant stakeholders find Treasury’s advice to be constructive, valuable and in line with Government priorities.
Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.
As per 2019‑20 Record and review feedback periodically solicited from Treasury Ministers, their staff and relevant stakeholders on the usefulness and timeliness of advice.
Measured through formal and informal feedback mechanisms, including through stakeholder engagement activities.
PBS Program 1.1 and 1.3
The Government response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and its broader legislative and reform program for financial system, corporate law and consumer policy, is delivered in accordance with government priorities. The legislative reform program is introduced to the Parliament in accordance with the Treasury Legislation Prioritisation Framework and government priorities. As per 2019‑20 Review milestones set in consultation with government and related agencies and portfolio bodies, in line with government priorities. Measured via a bi-annual assessment and acquitted against the Treasury Legislation Prioritisation Framework. PBS Program 1.1 and 1.3
Effective development and administration of Australia’s foreign investment framework. Regulatory performance meets whole-of-government standards. As per 2019‑20 Annual assessment of the foreign investment regulatory function, measured against expectations set by the Regulator Performance Framework.  PBS Program 1.1 and 1.3
Revenue Treasury delivers modelling and forecasting capability to support and improve the understanding of developments in the economy and informing policy processes. Models and forecasting activities are based on best-practice and deliver outcomes which are within accepted ranges.  As per 2019‑20 Review modelling and forecasting processes and outcomes. PBS Program 1.1
Management, development and delivery of the legislative program in accordance with the relevant legislative requirements and guidance, including timeframes and meeting of quality standards. The legislative program is delivered within the required timeframe and the quality of legislation implemented meets a satisfactory standard, in line with government priorities. As per 2019‑20 Measure delivery against the Treasury Legislation Prioritisation Framework and an assessment against the commitment for each measure of whether that measure was introduced into Parliament, actioned by Executive Council, or released as an exposure draft for consultation. PBS Program 1.1
Treasury makes influential and positive policy contributions to revenue and taxation issues. Ministers and relevant stakeholders indicate a constructive and positive contribution to public policy outcomes, in line with government priorities.
Policy advice considers the views of relevant stakeholders; including industry, regulators and other entities, as required.
As per 2019‑20 Record and review feedback periodically solicited from Treasury Ministers, their staff and relevant stakeholders on the usefulness and timeliness of advice.
Measured through formal and informal feedback mechanisms, including through public consultation on initiatives through Treasury’s website and stakeholder engagement activities.
PBS Program 1.1