Go to top of page

Financial performance

Treasury has a sound financial position, meeting its debt obligations as and when they fall due. Excluding depreciation, amortisation, changes in asset revaluation reserves and leasing adjustments, Treasury reported an operating surplus of $3.6 million in 2019-20, which was driven by underspends throughout the department due to COVID-19 restrictions and a diversion of resources for the Government’s COVID-19 response.

This compares with an operating deficit of $2.1 million in 2018-19 after adjusting for depreciation and amortisation and changes in asset revaluation reserves. Treasury’s administered expenses in 2019-20 were $139.2 billion compared with $140.3 billion in 2018-19.

Treasury portfolio outcome and program structure as at 30 June 2020

Portfolio Minister — Treasurer

The Hon Josh Frydenberg MP

Minister for Population, Cities and Urban Infrastructure

The Hon Alan Tudge MP

Assistant Treasurer and Minister for Housing

The Hon Michael Sukkar MP

Assistant Minister for Superannuation, Financial Services and Financial Technology

Senator the Hon Jane Hume

Assistant Minister for Finance, Charities and Electoral Matters

Senator the Hon Zed Seselja

Department of the Treasury

Secretary, Dr Steven Kennedy

Outcome 1: Supporting and implementing informed decisions on policies for the good of the Australian people, including for achieving strong, sustainable economic growth, through the provision of advice to Treasury Ministers and the efficient administration of Treasury’s functions.

Program 1.1: Department of the Treasury

Program 1.2: Payments to International Financial Institutions

Program 1.3: Support for Markets and Business

Program 1.4: General Revenue Assistance

Program 1.5: Assistance to the States for Healthcare Services

Program 1.6: Assistance to the States for Skills and Workforce Development

Program 1.7: Assistance to the States for Disability Services

Program 1.8: Assistance to the States for Affordable Housing

Program 1.9: National Partnership Payments to the States

Australian Bureau of Statistics

Australian Statistician, Dr David Gruen

Outcome 1: Decisions on important matters made by Governments, business and the broader community are informed by objective, relevant and trusted official statistics produced through the collection and integration of data, its analysis, and the provision of statistical information.

Program 1.1: Australian Bureau of Statistics

Australian Competition and Consumer Commission

Chair, Mr Rod Sims

Outcome 1: 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.

Program 1.1: Australian Competition and Consumer Commission

Program 1.2: Australian Energy Regulator

Australian Office of Financial Management

Chief Executive Officer, Mr Robert Nicholl

Outcome 1: The advancement of macroeconomic growth and stability, and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government.

Program 1.1: Australian Office of Financial Management

Australian Prudential Regulation Authority

Chair, Mr Wayne Byres

Outcome 1: Enhanced public confidence in Australia’s financial institutions through a framework of prudential regulation that balances financial safety and efficiency, competition, contestability and competitive neutrality and, in balancing these objectives, promotes financial system stability in Australia.

Program 1.1: Australian Prudential Regulation Authority

Australian Reinsurance Pool Corporation

Chief Executive Officer, Dr Christopher Wallace

Purpose: To protect Australia from economic losses caused by terrorism catastrophe.

Australian Securities and Investments Commission

Chair, Mr James Shipton

Outcome 1: Improved confidence in Australia’s financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems.

Program 1.1: Australian Securities and Investments Commission

Program 1.2: Banking Act 1959, Life Insurance Act 1995, unclaimed monies and special accounts

Australian Taxation Office

Commissioner, Mr Chris Jordan AO

Outcome 1: 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.

Program 1.1: Australian Taxation Office

Program 1.2: Tax Practitioners Board

Program 1.3: Australian Business Register

Program 1.4: Australian Charities and Not-for-profits Commission

Program 1.5: Australian Screen Production Incentive

Program 1.6: Junior Minerals Exploration Incentive

Program 1.7: Fuel Tax Credits Scheme

Program 1.8: National Rental Affordability Scheme

Program 1.9: Product Stewardship for Oil

Program 1.10: Research and Development Tax Incentive

Program 1.11: Low Income Superannuation Tax Offset

Program 1.12: Private Health Insurance Rebate

Program 1.13: Superannuation Co-contribution Scheme

Program 1.14: Superannuation Guarantee Scheme

Program 1.15: Targeted Assistance through the Taxation System

Program 1.16: Interest on Overpayment and Early Payments of Tax

Program 1.17: Bad and Doubtful Debts and Remissions

Program 1.18: Other Administered

Commonwealth Grants Commission

Secretary, Mr Michael Willcock

Outcome 1: Informed Government decisions on fiscal equalisation between the States and Territories through advice and recommendations on the distribution of GST revenue

Program 1.1: Commonwealth Grants Commission

Financial Adviser Standards and Ethics Authority Limited

Chief Executive Officer, Mr Stephen Glenfield

Outcome 1: Strengthen the professional and ethical standards of financial advisers through enhancing educational and training requirements and ethical standards to improve consumer outcomes.

Infrastructure and Project Financing Agency

Chief Executive Officer, Ms Leilani Frew

Outcome 1: To leverage additional private sector investment in infrastructure and secure better returns from the Commonwealth's investment by assisting the Government to identify, assess, and broker financing opportunities for infrastructure and projects, including through engagement with Commonwealth entities, State and Territory Governments, and the private sector.

Program 1.1: Infrastructure and Project Financing Agency

Inspector-General of Taxation

Inspector-General, Ms Karen Payne

Outcome 1: Improved tax administration through investigation of complaints, conducting reviews, public reporting and independent advice to government and its relevant entities.

Program 1.1: Inspector-General of Taxation

National Competition Council

President, Ms Julie-Anne Schafer

Outcome 1: 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.

Program 1.1: National Competition Council

National Housing Finance and Investment Corporation

Chair, Mr Brendan Crotty

Outcome 1: Improved housing outcomes for Australians, including through financial and other assistance to improve the efficiency and scale of the community housing sector, as well as for critical infrastructure that increases housing supply.

Office of the Auditing and Assurance Standards Board

Chair, Dr Roger Simnett AO

Outcome 1: 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.

Program 1.1: Auditing and Assurance Standards Board

Office of the Australian Accounting Standards Board

Chair, Dr Keith Kendall

Outcome 1: The formulation and making of external reporting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions.

Program 1.1: Australian Accounting Standards Board

Productivity Commission

Chair, Mr Michael Brennan

Outcome 1: 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.

Program 1.1: Productivity Commission

Reserve Bank of Australia

Governor: Mr Philip Lowe

Purpose: In its role as Australia’s central bank, the Reserve Bank of Australia determines and implements monetary policy, fosters financial stability, undertakes a range of activities in financial markets, acts as a banker to the Australian Government, issues Australia’s banknotes and has policy, supervisory and operational roles in the payments system.

Royal Australian Mint

Chief Executive Officer, Mr Ross MacDiarmid

Outcome 1: 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.

Program 1.1: Royal Australian Mint