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Results against purpose: securing the benefits of global economic integration

Performance criterion

Payment to international financial institutions are made with due regard to minimising cost and risk for Australia.

Meeting objectives through Australia’s membership of the international financial institutions.

Target

Financial transactions are timely and accurate.

Measured by Australia meeting its financial and other obligations to these organisations; and through the Treasury’s ability to influence policy and our reputation for integrity.

Source

Portfolio Budget Statements 2017-18, Program 1.2, page 39.

Corporate Plan 2017-18, page 7.

Results

All payment obligations were met.

The Treasury followed established procedures, including in close consultation with the Reserve Bank of Australia, to ensure that costs and risks to Australia were minimised.

Key achievements illustrating the Treasury’s effectiveness in shaping international relationships included:

  • Supporting Australia’s 2018 Financial Sector Assessment Program assessment by the IMF including arranging over 100 meetings for its June Mission;
  • Actively participating in Financial Stability Board steering groups to promote the implementation of international financial sector standards;
  • Facilitating the yearly Article IV consultation with the IMF;
  • Completing the legislative process for renewal of the New Arrangements to Borrow, ensuring Australia’s financial commitments to the Global Financial Safety Net and the IMF’s resources are ongoing;
  • Supporting negotiations towards a capital increase for the World Bank and garnering in‑principle support from other countries;
  • Within the Asian Development Bank (ADB), representing Australia’s interests in negotiations towards Strategy 2030, the ADB’s high-level strategy for the coming decade;
  • Undertaking a significant role in shaping the AIIB’s strategies on non regional financing and mobilising private capital, as well as its new accountability framework;
  • Through Australia’s co-chairing of the G20 Infrastructure Working Group, influencing the agenda to encourage increased private sector infrastructure investment and enhanced Multilateral
  • Development Banks collaboration; and
  • Successfully supporting engagement of the Treasurer and the Minister for Finance (attending on behalf of the Treasurer) at the IMF/ World Bank Spring and Annual meetings.

Performance criterion

Supporting G20 initiatives to drive global growth and enhance regional engagement with key trading partners.

Target

Involvement with the G20 Finance Ministers’ and Central Bank Governors’ meetings and supporting G20 working group meetings.

Source

Portfolio Budget Statements 2017-18, Program 1.1, page 38.

Results

The Treasury maintained active engagement in the G20. Specifically:

  • Supporting the Treasurer and the Minister for Finance (attending on behalf of the Treasurer) in advancing Australia’s economic interests at the four Finance Ministers’ and Central Bank Governors’ meetings;
  • Active participation by Treasury officials in a further 12 working group meetings;
  • Assisting Germany and Argentina with their G20 Presidencies through staff secondments; and
  • Co-chairing (alongside Brazil) the G20 Infrastructure Working Group to advance work to make infrastructure more readily investible for the private sector. A Treasury official also chairs the related G20/OECD Task Force on Long-term Investment.

Performance criterion

Deepening relationships with key strategic partners in the Asia-Pacific region.

Target

Measured by enhanced mutual understanding between Australia and its regional partners, including strengthening shared influence on collective agendas, during the direct engagements and dialogues we undertake.

Source

Corporate Plan 2017-18, page 7.

Results

The Treasury maintained and strengthened bilateral and multilateral relationships, specifically:

  • Concluding a Memorandum of Understanding with Vietnam’s Ministry of Finance;
  • Strengthening bilateral relations with neighbouring countries through increased engagement, including two ongoing placements in Indonesia’s Ministry of Finance;
  • Seconding and deploying Treasury officials to PNG Treasury to assist with APEC, and supporting five PNG Treasury officials to participate in the Treasury’s Policy Advising Development Program;
  • Participating in formal dialogues with key countries and institutions including the European Commission, Japan, India, Indonesia, as well as supporting the Treasurer during his visit to China for the Strategic Economic Dialogue;
  • Participating in a reciprocal secondment with India’s Ministry of Finance and the New Zealand Treasury;
  • Supporting the Secretary’s visits to China, India, Japan, New Zealand and Singapore and meetings with senior officials; and
  • Continuing to advocate the benefits of trade for the global economy and the importance of collaboratively resolving trade tensions at the G20, APEC and other multilateral forums.

Performance criterion

The Treasury’s advocacy and liaison on Australia’s economic and trade interests.

Target

Interests contribute positively to bilateral, regional and multilateral outcomes that help ensure the prosperity of Australia.

Source

Corporate Plan 2017-18, page 7.

Results

Key achievements illustrating the Treasury’s effectiveness in influencing international outcomes included:

  • Timely and effective advice to Treasury ministers on the economic implications of global trade announcements and developments in the United States, China, Europe (including Brexit) and PNG;
  • Leading work across government to understand the economic risks associated with developments in trade policy;
  • Continuing to promote Australia’s economic and strategic interests through G20 and APEC meetings;
  • Supporting Mr Peter Varghese AO’s preparation of the report on the India Economic Strategy; and
  • Ensuring Australia’s economic and strategic interests are promoted in multilateral forums such as the IMF/ World Bank Spring and Annual meetings.

Performance criterion

Payments to the Global Infrastructure Hub (the Hub) are made in accordance with the grant agreement.

Target

Payments to the Hub are made according to the grant agreement.

Source

Portfolio Budget Statements 2017-18, Program 1.3, page 40.

Results

Payments to the Hub were made in a timely manner consistent with the grant agreement.