Under Treasurer's report
Treasury is shaping the future of Queensland by delivering strong fiscal management and innovative solutions to policy priorities.
Treasury continues to shape solutions and address emerging priorities for the Queensland Government. As a central and lead agency, Treasury provides expertise in fiscal and economic management. Our diverse organisation also provides services, advice and policy direction for taxation, superannuation, insurance, shared service implementation, gaming regulation, economic and statistical research, and regulation of Government-owned corporations. In 2005-06, Treasury administered and receipted almost $15 billion in revenue and administered grant and subsidy programs totalling $628.72 million.
Treasury's key responsibility is to develop and implement whole-of-Government fiscal and economic strategies to achieve the Government's priorities and advance the performance of the Queensland economy. In 2005-06, Treasury responded to issues facing the State's health system and developed the Special Fiscal and Economic Statement in October 2005. This statement provided the budgetary context for a major increase in health services.
In the period leading up to June 2006, we developed the 2006-07 State Budget which further supported the budgetary needs of Queensland Health and provided significant funding to build the State's infrastructure and services. This Budget addressed the needs of Queensland's increasing growth, while maintaining the State's strong fiscal position.
In addition to managing the State's finances, Treasury delivered a wide range of activities across its diverse business areas throughout the year.
Treasury provided advice and research on important issues facing Queenslanders, such as high petrol prices. In 2005-06, the Office of Economic and Statistical Research completed economy-wide modelling on the impacts of higher oil prices on the Queensland economy for the Queensland Government Submission to the Impact of Petrol Pricing Select Committee.
To ensure Government-owned corporations (GOCs) continue to deliver infrastructure and services to support and sustain Queensland's growth, the Office of Government Owned Corporations administered approximately $940 million in equity injections on behalf of shareholding Ministers to support GOC large capital expenditure programs. In the year ahead, this office will assess GOC capital programs to a total budgeted value of $4.7 billion.
The streamlining of shared corporate services across the Queensland Government continued throughout 2005-06. A key priority for Treasury was refining the Shared Service Initiative operating model, including governance and accountability arrangements, resulting in the establishment of the Shared Service Agency on 1 July 2006. Treasury will be hosting this new agency and will ensure its operating model meets the needs of the Queensland Government. We will also continue to host CorpTech, the Government's provider of specialist information and communication technology support, as it implements new finance and human resource systems across the Queensland Government.
Throughout 2005-06, the Queensland Office of Gaming Regulation (QOGR) continued to meet community expectations of a gaming industry conducted with integrity and probity while also increasing community awareness of the impacts of gaming. QOGR managed community grants programs of over $40 million and implemented the new Golden Casket Foundation grants program, announcing the foundation's first round of grants with $923,654 in approved funding to five medical research organisations.
QSuper again had a very successful year, tailoring its marketing strategies to address the particular superannuation needs of women, and members reaching 35 and 50 years of age. With more than 450,000 members and around $19 billion in funds under management, QSuper has once again delivered strong returns for members in 2005-06.
The Office of State Revenue implemented the new Revenue Management System (RMS) to enable pay-roll tax clients to lodge returns and pay tax electronically. In 2006-07, the RMS will be further developed to provide faster and improved service to our duties clients.
In taking stock of Treasury's achievements in 2005-06, I am pleased to report on the contributions of staff from across the department in shaping solutions for Queensland. In 2006-07, we will reaffirm our commitment to maintaining Queensland's strong fiscal and economic position and delivering services to the community. I look forward to positioning Treasury for the future in the year ahead.
Gerard Bradley
Under Treasurer
Last reviewed 29 September 2008
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