Financial and economic policy output
Treasury Office is responsible for delivering financial and economic policy and advice to the Queensland Government. This office develops and implements whole-of-Government fiscal and economic strategies to achieve the Government's priorities and advance the performance of the Queensland economy to support growth and employment.
Vision
For Queensland's long-term fiscal and economic performance to lead Australia.
Mission
We strive to:
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provide leadership in financial and economic policy development
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advance the performance of the Queensland economy to support growth and employment
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maintain the integrity of the State's finances in accordance with the Charter of Social and Fiscal Responsibility
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promote value-for-money service delivery that results in appropriate community outcomes.
Highlights
- Developed the Special Fiscal and Economic Statement and the 2006-07 State Budget, which provided significant funding for capital works, health, education, water and energy.
- Monitored and reviewed the 2005-06 State Budget and the Special Fiscal and Economic Statement.
- Provided commercial and financial advice on a number of major infrastructure projects being progressed under the Public Private Partnership Policy and Value for Money Framework.
- Participated in the Review of State Taxes under the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations, fulfilling all current obligations with the abolition of taxes.
- Developed the first two stages of the Project Assurance Framework, which will promote effective project management and ensure the Government achieves value for money.
Structure
- Under Treasurer, Gerard Bradley
- Deputy Under Treasurer, Tim Spencer
- Assistant Under Treasurer, David Smith
- Acting Director, Fiscal and Taxation Policy, Leigh Pickering
- Acting Director, Financial Management, Sue Highland
- Director, Capital Review and Monitoring Unit, Neville Worland
- Assistant Under Treasurer, Ken Sedgwick
- Director, Resources, Christine Williams
- Assistant Under Treasurer, Walter Ivessa
- Director, Economic and Inter-Governmental Relations, Gary Ward
- Director, Education and Justice, Karen Masnata
- Acting Assistant Under Treasurer, John O'Connell
- Director, Health and Community Services, Tina Davey
- Assistant Under Treasurer, Ian Munro
- Director, Strategic Asset Management, Richard Somerville
- Director, Transport and Industry, Drew Ellem
- Assistant Under Treasurer, David Smith
- Deputy Under Treasurer, Tim Spencer
Output performance highlights
| Measure | Target | Actual |
|---|---|---|
| Quantity | ||
| Quarterly reports on financial position to Treasurer within six weeks of quarter end | 4 | 4 |
| Quality | ||
| Adherence to fiscal objectives as described in the Charter of Social and Fiscal Responsibility | 100% | 100% |
| Timeliness | ||
| Achievement of key milestones in the budget process | 100% | 100% |
| Cost | ||
| Cost of portfolio resource allocation advice | $5.84M | $5.70M |
Highlights
| Strategic business priority | Highlights | The year ahead |
|---|---|---|
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Strengthen State finances and ensure fiscal sustainability through achievement of the fiscal principles in the Charter of Social and Fiscal Responsibility and build stakeholder awareness of the risks and influences affecting Queensland's fiscal position. |
Developed the Special Fiscal and Economic Statement and the 2006-07 State Budget. Monitored and reviewed the 2005-06 State Budget and the Special Fiscal and Economic Statement. Maintained the State's net worth and AAA credit rating. Participated in the Review of State Taxes under the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations. |
Monitor the 2006-07 State Budget and coordinate the process for the 2007-08 State Budget. Implement the remaining outcomes of the Review of State Taxes. |
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Enhance economic performance through improving the performance of the public sector's infrastructure and encourage more informed economic debate. |
Provided progress reports on the Queensland Government's capital program, including the South East Queensland Infrastructure Plan and Program. Provided advice on major infrastructure projects being progressed under the Public Private Partnership Policy and Value for Money Framework. Established the Queensland Future Growth Fund. |
Work collaboratively with the Coordinator-General to monitor progress of the South East Queensland Infrastructure Plan and Program. Continue to provide advice on major asset management and infrastructure projects. Administer the Queensland Future Growth Fund. |
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Further develop and refine the Queensland Government financial management framework. |
Developed the first two stages of the Project Assurance Framework, which will promote effective project management and ensure the Queensland Government achieves value for money. |
Implement the Project Assurance Framework for use across all Queensland public sector agencies. |
Key issues facing the output
- Managing and monitoring Queensland's financial assets and liabilities, including:
- achieving the fiscal principles in the Charter of Social and Fiscal Responsibility in the medium-to-long term
- maintaining the State's competitive taxation levels while achieving key social and economic outcomes
- advancing the performance of the Queensland economy.
- Implementing, in conjunction with the Department of the Premier and Cabinet, the new National Reform Agenda signed by the Council of Australian Governments in February 2006.
- Continuing to develop the financial management framework, including implementing the Project Assurance Framework.
- Developing and encouraging strategies to lift the State's sustainable level of economic growth, including monitoring conditions affecting infrastructure delivery.
- Addressing the ongoing need to increase cooperation between agencies, the community, non-government organisations and the private sector to deliver better services.
Ratio of financial assets to liabilities (excluding investments in public enterprises) as at 30 June 2007 - General Government sector
Analysis: Queensland has consistently pursued sound long-term fiscal policies. The strong balance sheet and high levels of liquidity in the General Government sector clearly demonstrate the success of these policies. Queensland's level of liquidity is well in excess of other states, as illustrated in the chart above.
Interstate comparison of per capita net worth as at 30 June 2007
Analysis: The net worth of the State is the amount by which the State's assets exceed its liabilities. Queensland's per capita net worth is 46 per cent greater than the average per capita net worth of the other states.
Expenditure on gross state product
Analysis: Driven by a strong domestic sector, the Queensland economy is estimated to have grown by 3½ per cent in 2005-06, exceeding growth nationally (2½ per cent) for the 10th year in a row.
Strategic business priorities
Strategic business priority
Strengthen State finances and ensure fiscal sustainability through the achievement of the fiscal principles in the Charter of Social and Fiscal Responsibility and build stakeholder awareness of the risks and influences affecting Queensland's fiscal position.
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Managed State finances
Treasury continued to effectively manage State finances and address emerging budgetary needs in 2005-06. We coordinated the development of the 2006-07 State Budget and applied our financial expertise to deliver the Special Fiscal and Economic Statement in October 2005. Throughout 2005-06, we addressed significant funding needs for capital works, health, education, water and energy. In 2006-07, we will continue to monitor the initiatives outlined in the Special Fiscal and Economic Statement, including the health reform agenda.
The State's strong balance sheet and higher-than-budgeted operating surplus delivered a strong fiscal position and continued to build the foundation for the further prosperity of Queensland. In addition, our strong economy has provided the platform for major capital expansion over the next four years.
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Participated in the Review of State Taxes
Treasury participated in the Review of State Taxes under the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations and assisted the Queensland Government to fulfil all of its obligations under the agreement. In 2006-07, we will continue with the State's schedule for abolishing selected duties. Queensland's program of tax abolition under the agreement will be completed by 2010-11. The Queensland Government is committed to abolishing these duties, while continuing to meet the State's rapidly increasing demand for services and infrastructure.
Strategic business priority
Enhance economic performance through improving the performance of the public sector's infrastructure and encourage more informed economic debate.
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Monitored implementation of the State's capital program
Throughout 2005-06, Treasury provided advice to the Queensland Government and monitored the implementation of the State's capital program, including the South East Queensland Infrastructure Plan and Program. The capital program for 2005-06 included major investments in energy, roads, port and rail infrastructure, which supported the State's growth and the growth of Queensland's regions. In 2006-07, we will continue to work closely with the Coordinator-General to monitor the progress of the South East Queensland Infrastructure Plan and Program, industry capacity issues and general economic conditions affecting infrastructure delivery.
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Provided advice on major infrastructure projects
Treasury provided ongoing commercial and financial advice to the Queensland Government on a number of major infrastructure projects being progressed under the Public Private Partnership Policy and Value for Money Framework. In 2006-07, we will continue to work with agencies to progress infrastructure projects and provide advice on major asset management.
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Established the Future Growth Fund
In 2005-06, legislation was passed to establish the Future Growth Fund. The fund will be financed by investing proceeds from the sale of ENERGEX Retail, the contestable elements of Ergon Retail and the Allgas Network. The fund will provide funding for clean coal technology, new water infrastructure and new infrastructure for energy supply, railways and ports.
Strategic business priority
Further develop and refine the Queensland Government financial management framework.
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Developed project assurance process for Queensland Government projects
During 2005-06, Treasury developed the first two stages of the Project Assurance Framework for projects involving substantial information and communication technology. The framework will ensure the Queensland public sector undertakes effective project management and the Government achieves value for money from its significant investment in project activity.
Shaping effective project management across the public sector
The Queensland Government is embarking on a wide range of significant projects to address the growing demands for services and infrastructure throughout the State. To ensure the Government achieves value for money for its investment in these projects, Treasury is helping to shape effective project management across the Queensland public sector.
In 2005-06, we developed the first two stages of the Project Assurance Framework. This new framework sets the minimum standards for project management and assurance. It defines six generic project stages and includes guidance material to support existing project management processes. The framework also promotes independent reviews at the completion of key project stages.
In 2006-07, we will continue to implement the framework across the Queensland Government. Agencies will use the framework for a number of projects in the South East Queensland Infrastructure Plan and Program.
Last reviewed 29 September 2008
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