4.8 Finance Portfolio

The Finance Portfolio occupies a central position in the Commonwealth Government and provides a diverse array of support and services to government including: budget and financial management; information and communication technology strategy and management; electoral services and support; non-defence asset management; and, oversight of investment funds and superannuation schemes.

The Minister administers 59 pieces of legislation ranging from the Financial Framework Legislation Amendment Act (No. 1) 2013 to the Commonwealth Electoral Act 1918.

The Finance Portfolio receives total resourcing of $14.9 billion of which $918.9 million is departmental funding and $14.0 billion is administered funding. The majority of staff in the portfolio are employed in the Department of Finance (1,416) and the Australian Electoral Commission (878).

Table 4.8.1: Portfolio resourcing: Finance

Funding ($'000)

Staffing

Entity

Departmental

Administered

Total

ASL

Department of Finance

               603,634

         11,740,096

         12,343,730

         1,416

Commonwealth Superannuation Corporation

                    7,199

                            -

                    7,199

               72

Australian Electoral Commission

               305,551

                 80,674

               386,225

             878

ComSuper

                    2,494

           1,700,535

            1,703,029

             445

Future Fund Management Agency

                             -

               497,255

               497,255

             104

PORTFOLIO (1)

918,878

14,018,560

14,937,438

2,915

Source:  Department of Finance. 2013‑14 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.

As a central agency of the Commonwealth Government, the Department of Finance (Finance) supports the delivery of the Commonwealth Government Budget, the ongoing management of the Commonwealth Government’s non-defence domestic property portfolio and key asset sales. Finance is also responsible for the financial framework for Commonwealth Government agencies.

Additionally, Finance provides entitlements advice and support to parliamentarians and their employees, maintains shareholder oversight for government business enterprises, provides general insurance services to government agencies and promotes improved risk management. Finance also provides strategic advice for the application of new and existing information and communication technologies to government operations.

The Australian Electoral Commission supports an impartial and independent electoral system for eligible voters through active electoral roll management, efficient delivery of polling services, and targeted education and public awareness programmes.

The Commonwealth Superannuation Corporation (CSC) was established on 1 July 2011, to merge the boards responsible for the public sector and military superannuation schemes and funds. The CSC manages nine super schemes and provides superannuation services to Commonwealth Government employees and members of the Australian Defence Force.

Comsuper provides superannuation administration services under authority from the CSC. Services include collection of member contributions, payment of lump sums and pension benefits and member communications.

The Future Fund Board of Guardians, supported by the Future Fund Management Agency, has responsibility for investing the assets of the Future Fund and three Nation-building Funds – the Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund. The Future Fund is a financial asset fund to make provision for unfunded superannuation liabilities. The Nation-building Funds were created to provide financing resources to meet the Commonwealth Government’s commitment to Australia’s future through investment in areas of infrastructure such as transport, communications, energy, water, education, research and health.

Chart 4.8.1 is a graphical representation of the relative size of bodies within the Finance Portfolio.

 

Chart 4.8.1: Finance

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

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