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 |
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https://www.transparency.gov.au/annual-reports/department-treasury/reporting-year/2019-20-31