Message from the Under Treasurer

This has been a year of significant achievement for Treasury as we addressed challenges posed by our changing financial, economic and social environment.

Fourteen major pieces of legislation were introduced and passed, including the Duties Act 2001 and the Taxation Administration Act 2001, which have modernised and simplified the management of State taxes. We also prepared legislation to effect the long-term lease of the Dalrymple Bay Coal Terminal and sale of the Brisbane Markets.

A significant focus for Treasury has been to develop strategies to improve the State's productivity growth. This has included collaborating with universities and research organisations to identify strategies for economic growth. Over the coming year this research will form the basis for developing a vision for economic growth in the future. A centrepiece of this work is a project to model the impacts on service delivery to current and future generations of Queenslanders.

The 2002-03 State Budget was prepared in difficult fiscal circumstances. Funding was directed to further the Government's priorities for families and for education, including through Queensland the Smart State - Education and Training Reforms for the Future. Treasury worked closely with agencies to develop these policies. The Budget also included the $400 million Priority Infrastructure Package developed by Treasury to address capital priorities in areas such as schools, health and police services.

Treasury established the Aligning Services and Priorities program to achieve more effective and efficient service delivery and improve the allocation of resources across the Government. We worked with all agencies to identify and realign activities and resources to enhance the Government's outcomes for the community.

The Government's Energy Policy was significantly advanced with a developer selected to deliver the gas-fired Townsville Power Station and pipeline infrastructure.

We released policies and guidelines to improve the performance of the Government-owned corporation (GOC) sector, including a draft investment policy. The policy clarifies the expectations of shareholding Ministers and will help to ensure GOCs optimise commercial outcomes and achieve an appropriate return on these valuable assets.

In response to the public liability crisis, a taskforce formed and led by Treasury developed an innovative strategy to provide coverage for community organisations affected by the increasing cost and reduced availability of insurance.

As a department, we reviewed our activities and refocused our efforts, particularly in the areas of financial management reform and economic policy. Significant information technology projects were initiated to improve efficiency in delivering services, including management of the State's taxes, e-business advancement for superannuation and electronic document and records management systems to enhance knowledge sharing across the department.

To realise further efficiencies in the delivery of corporate services and build stronger links across the portfolio, we finalised plans to move into a new Government building being constructed at 33 Charlotte Street, Brisbane. The move is planned for late 2003 and will bring together the majority of Treasury's portfolio offices and corporate services.

I am proud of the achievements outlined in this annual report, which demonstrate the ongoing professionalism of Treasury staff and our improving partnerships with agencies and other stakeholders. In the year ahead we will continue to deliver policies and outcomes that contribute to the Government's priorities, support a sound financial position and drive economic growth.

Gerard Bradley
Under Treasurer