Go to top of page

Overview of accountabilities

The AOFM is part of the Treasury portfolio. It is accountable to the Secretary to the Treasury and to the Treasurer. As a listed entity under the PGPA Act, the AOFM’s CEO is accountable for the management and performance of the AOFM, namely with respect to the implementation of debt management and investment strategies. This also extends to matters such as the maintenance of accounts and records, management of risks and compliance with legislation and government policy.

The Secretary to the Treasury is responsible for advising the Treasurer on policy relating to debt management and investment. For the purpose of operational efficiency, the AOFM CEO is delegated powers and authorisations by the Treasurer for debt creation and issuance, investment, and portfolio management.

The AOFM’s corporate plan, policies, and codes of conduct reflect AOFM values and the high standards of integrity and accountability expected of staff. Activities are designed to meet the requirements of legislative and regulatory frameworks, as well as the codes and practices generally expected of financial market participants.

The AOFM meets part of its accountability to the Secretary to the Treasury through the annual (pre‑Budget) provision of a debt portfolio management strategy that focuses on the outlook for issuance (in the context of the financing task), appropriate AGS market development aspirations (such as yield curve extensions and patterns for new maturities), planned cash portfolio management parameters (to manage liquidity risk), and the conduct of bond buyback programs. This strategy is formalised after the release of the Budget through an annual remit, with the Treasurer approving the scope of planned borrowing on behalf of the Australian Government for the Budget year ahead.