4.17 Treasury Portfolio

The Treasury Portfolio comprises the Department of the Treasury and 15 other agencies. The Treasury Portfolio undertakes a range of activities aimed at achieving strong sustainable economic growth and the improved wellbeing of Australians.

The Treasurer administers 244 pieces of legislation, including a large number of acts relating to the taxation system and Australia’s financial architecture.

The Treasury Portfolio receives total resourcing of $398.2 billion, of which $5.8 billion is departmental funding and $392.3 billion is administered funding. Of this latter amount, the Australian Office of Financial Management has administered funding of $296.3 billion, relating to its management of the Commonwealth’s debt portfolio.

There are around 29,500 people employed in the portfolio. The majority of staff (some 22,000) are employed in the Australian Taxation Office.

As a central agency of the Commonwealth Government, the Department of the Treasury’s mission is to improve the wellbeing of the Australian people by providing sound and timely advice to government based on objective and thorough analysis.

A key part of the Treasury Portfolio is the Australian Taxation Office (ATO), the Commonwealth Government’s principal revenue collection agency. The ATO administers Australia’s taxation system and significant aspects of Australia’s superannuation system. It administers legislation governing taxation, superannuation and the Australian Business Register and supports the delivery of government benefits to the community.

The Australian Competition and Consumer Commission is an independent statutory authority which administers the Competition and Consumer Act 2010 and performs functions under other Commonwealth legislation and State and Territory Competition Policy Reform Acts.

The Australian Bureau of Statistics is Australia’s official statistical agency. It provides statistics on a wide range of economic, environmental and social matters, covering government, business and the community in general.

The Australian Prudential Regulation Authority is the financial supervisor responsible for the prudential regulation of the banking, other deposit‑taking, insurance and superannuation industries.

The Australian Securities and Investments Commission is the independent government body that enforces and administers corporate and financial services law and has responsibilities for consumer protection in relation to investments, life and general insurance, superannuation and banking (except lending).

The Productivity Commission is the government’s independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Australians.

 

Table 4.17.1: Portfolio resourcing: Treasury

Funding ($'000)

Staffing

Entity

Departmental

Administered

Total

ASL

Department of the Treasury

               177,562

         85,530,944

         85,708,506

             938

Clean Energy Finance Corporation

           1,054,935

                            -

            1,054,935

               50

Australian Bureau of Statistics

               384,887

                            -

               384,887

         2,685

Australian Competition and Consumer Commission

               158,260

                            -

               158,260

             802

Australian Office of Financial Management

                 12,721

      296,338,114

       296,350,835

               45

Australian Prudential Regulation Authority

                 12,220

               109,922

               122,142

             609

Australian Securities and Investments Commission

               395,917

               180,767

               576,684

         1,834

Australian Taxation Office

           3,591,513

           9,989,695

         13,581,208

       22,022

Commonwealth Grants Commission

                    6,465

                            -

                    6,465

               40

Corporations and Markets Advisory Committee

                    1,030

                            -

                    1,030

                  3

Inspector General of Taxation

                    2,656

                            -

                    2,656

               10

National Competition Council

                    2,777

                            -

                    2,777

               12

Office of the Auditing and Assurance Standards Board

                    2,277

                            -

                    2,277

                  8

Office of the Australian Accounting Standards Board

                    4,603

                            -

                    4,603

               24

Productivity Commission

                 38,243

                            -

                  38,243

             193

Royal Australian Mint

                             -

               181,953

               181,953

             241

PORTFOLIO (1)

5,846,066

392,331,395

398,177,461

29,516

Source: Department of Finance. 201314 Budget updated for machinery of government changes.
(1) As individual entity resourcing includes inter-agency transfers and payments, total resourcing for the portfolio may be overstated by this amount.

 

A number of Treasury Portfolio functions will be within the scope of the Financial System Inquiry. An interim report is to be published by September 2014 and a final report by November 2014.

In 2014, the Government is also undertaking a comprehensive review of competition laws and policy, the Review of Competition Policy.

Chart 4.17.1 is a graphical representation of the relative size of bodies within the Treasury Portfolio.

 

Chart 4.17.1: Treasury

This chart shows the Department and Portfolio agencies, as described above, diagrammatically.

This chart shows the Department and Portfolio agencies, as described above, diagrammatically.