Part B

Portfolio overview

Portfolio overview
The Treasury portfolio undertakes a range of activities aimed at achieving strong sustainable economic growth and the improved wellbeing of Australians. This entails the provision of policy advice to portfolio Ministers which seeks to promote a sound macroeconomic environment; effective government spending and taxation arrangements; and well functioning markets. It also entails the effective implementation and administration of policies that fall within the portfolio Ministers’ responsibilities.
The Department of the Treasury produces outputs directed at the achievement of the foregoing outcomes under three output groups — Economic, Budget and Markets.
•	Economic group outputs include: domestic economic policy advice and forecasting; and international economic policy advice and assessment.
•	Budget group outputs include: budget policy advice and coordination; Commonwealth‑State financial policy advice; industry policy advice; taxation and income support policy advice; and actuarial services.
•	Markets group outputs include: foreign investment policy advice and administration; financial system and markets policy advice; and business and consumer policy advice. In addition, the Royal Australian Mint is responsible for producing Australia’s circulating coin and like products.
The Australian Bureau of Statistics (ABS) is Australia’s official statistical agency. Outputs are directed at informed decision making, research and discussion within governments and the community, based on the provision of a high quality, objective and responsive national statistical service. Its outputs principally relate to the production of economic, population and social statistics.
The Australian Competition and Consumer Commission (ACCC) outputs are directed at enhanced social and economic welfare of the Australian community by fostering competitive, efficient, fair and informed Australian markets. Outputs include: the proper administration and enforcement of the Trade Practices Act, the Prices Surveillance Act and related laws; and the performance of actions that promote competition and fair trading and enable well functioning markets.
The Australian Office of Financial Management (AOFM) is responsible for the management of the Commonwealth’s net debt portfolio. Its output — debt management — is directed at ensuring that Commonwealth debt is raised, managed and retired at the lowest possible long‑term cost, consistent with an acceptable degree of risk exposure.
The Australian Prudential Regulation Authority (APRA) is the financial supervisor responsible for prudentially regulating the banking, other deposit‑taking, insurance and superannuation industries. Outputs aim at 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.
The Australian Securities and Investments Commission (ASIC) is the independent government body that enforces and administers the Corporations Law and Consumer Protection Law for investments, life and general insurance, superannuation and banking (except lending). Its outputs aim at a fair and efficient financial market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers. Outputs include: policy and guidance about the laws administered by ASIC; comprehensive and accurate information on companies and corporate activity; enforcement activity to give effect to the laws administered by ASIC; and compliance monitoring relating to the Corporations Law.
The Australian Taxation Office (ATO) outputs are directed at effectively managed and shaped systems that support and fund services for Australians and give effect to social and economic policy through the taxation system. Its major outputs relate to providing revenue to government, providing transfers and contributing to policy advice and legislation.
The Companies and Securities Advisory Committee (CASAC) outputs are directed at confident and informed participation of investors and consumers in the financial system. Outputs include: recommendations to the responsible Minister on the Corporations Law; and the annual report, discussion papers and reports of the Committee.
The National Competition Council (NCC) is an independent advisory body for all Australian governments involved in implementing the National Competition Policy. Its outputs are aimed at the achievement of effective and fair competition reforms and better use of Australia’s infrastructure for the benefit of the community. Outputs include: advice to governments on competition policy and infrastructure access issues; and clear, accessible public information on competition policy.
The Productivity Commission (PC) contributes to 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. Outputs include or relate to: government-commissioned projects; performance reporting and other services to government bodies; regulation review activities; competitive neutrality complaints activities; and supporting research and activities and statutory annual reporting.
Additional estimates and variations  portfolio level
Additional estimates are being sought for the Department of the Treasury, the Australian Bureau of Statistics, the Australian Securities and Investments Commission and the Australian Taxation Office.  The Australian Office of Financial Management is returning a saving. Explanations of variations for agencies are detailed in their respective sections in the PAES.
There are no additional estimates variations for the Australian Competition and Consumer Commission, the Australian Prudential Regulation Authority, the Companies and Securities Advisory Committee, the National Competition Council and Productivity Commission.
There has been no other variation to outcomes or outputs since the 2000-01 Budget.

Chart 1: Department of the Treasury structure of outcomes

	Assistant Treasurer
Senator the Hon. Rod Kemp		Portfolio Minister
Treasurer
The Hon. Peter Costello, M.P.		Minister for Financial Services and Regulation
The Hon. Joe Hockey, M.P.		
																			
		Overall Outcome
Strong, sustainable economic growth and the improved wellbeing of Australians			
																			
Treasury
Secretary:
Mr Ted Evans
Sound macroeconomic environment
Effective government spending and taxation arrangements
Well functioning markets		Australian Bureau of Statistics
Statistician:
Mr Dennis Trewin
Informed decision-making, research and discussion within governments and the community, based on the provision of a high quality, objective and responsive national statistical service		Australian Competition and Consumer Commission
Chairperson:
Professor Allan Fels
To enhance social and economic welfare of the Australian community by fostering competitive, efficient, fair and informed Australian markets		Australian Office of Financial Management
Chief Executive Officer:
Mr Michael Allen
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
Chief Executive Officer:
Mr Graeme Thompson
To enhance public confidence in Australia’s financial institutions through a framework of prudential regulation which balances financial safety, efficiency, competition, contestability and competitive neutrality	
									
Australian Securities and Investments Commission
Chairman:
Mr Alan Cameron

A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers		Australian Taxation Office
Commissioner:
Mr Michael Carmody
Effectively managed and shaped systems that support and fund services for Australians and give effect to social and economic policy through the taxation system		Companies and Securities Advisory Committee
Convenor:
Mr Richard St John
Confident and informed participation of investors and consumers in the financial system		National Competition Council
President:
Mr Graeme Samuel
The achievement of effective and fair competition reforms and better use of Australia’s infrastructure for the benefit of the community		Productivity Commission
Chairman:
Mr Gary Banks
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