Financial and economic policy
Treasury Office delivers 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:Â
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provide leadership in financial and economic policy developmentÂ
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advance the performance of the Queensland economy to support growth and employmentÂ
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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 which meets Queenslanders' needs.
Structure
- Under Treasurer, Gerard Bradley
- Deputy Under Treasurer, Tim Spencer
- Assistant Under Treasurer, John O'Connell
- Director, Fiscal and Taxation Policy, Leigh Pickering
- Director, Financial Management, Sue Highland
- Assistant Under Treasurer, Dr Gary Ward
- Director, Education and Justice, Tina Davey
- Director, Economic and Inter-Governmental Relations, Laurie Ehrenberg
- Assistant Under Treasurer, Walter Ivessa
- Director, Health and Community Services, Janelle Thurlby
- Director, Resources, Bob McAulay
- Assistant Under Treasurer, Ian Munro
- Director, Transport and Industry, Drew Ellem
- Director, Strategic Asset Management, Richard Somerville
- Assistant Under Treasurer, Ken Sedgwick
- Structural Policy Directorate
- Executive Director, SEQ Water Transaction Unit, John Frazer
- Assistant Under Treasurer, John O'Connell
- Deputy Under Treasurer, Tim Spencer
Key issues facing the output
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Managing and monitoring Queensland's financial assets and liabilities, including:
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achieving the fiscal principles in the Charter of Social and Fiscal Responsibility in the medium-to-long term
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maintaining the State's competitive taxation levels while achieving key social and economic outcomes
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advancing the performance of the Queensland economy.
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Managing the sale of Queensland's wind and gas assets, the proceeds of which will be used to create the Climate Change Fund.
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Implementing the institutional reforms to the urban water supply arrangements in South East Queensland.
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Administering the Queensland Future Growth Fund which will direct funding towards infrastructure and Smart State projects.
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Developing and encouraging strategies to lift the State's sustainable level of economic growth and addressing the challenges of water reform and infrastructure delivery.
Output performance highlights
| Measure | Target | Actual |
|---|---|---|
| Quantity | ||
| Quarterly reports on financial position 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 | $6.313M | $5.427M |
Strategic business priorities
Strategic business priority
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.
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Achieving strong State finances
We continue to play a vital role in delivering services and solutions for Queenslanders by managing the State's finances and addressing emerging budgetary needs. In 2006-07, Treasury coordinated the development of the 2007-08 State Budget, which focused on managing for strong finances, delivering quality services and securing growth and prosperity through productivity.
The expected 2006-07 operating result of $2.393 billion surplus reflects the strength of Queensland's economy and investment markets and follows a surplus of $3.714 billion in 2005-06. These surpluses provided the platform for major capital spending over the next four years.
For 2007-08, Queensland is budgeting for a General Government net operating surplus of $268 million. Forecast Budget surpluses are expected to remain at around this level throughout 2008-09, 2009-10 and 2010-11.
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Maintaining Queensland's standing in global markets
Treasury's focus on a strong balance sheet and fiscal sustainability made a key contribution to Queensland maintaining its net worth and AAA credit rating (as assessed by Standard & Poors). The State's net worth is budgeted to grow from $114.466 billion at 30 June 2007 to $119.799 billion by 30 June 2008. By 30 June 2011, it is expected to increase to $130.941 billion.
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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Securing Queensland's water supply
Population growth and drought mean that sustainable water supplies for families, business and industry will remain a priority for decades to come. In 2006-07 we provided advice to the Queensland Government and helped agencies develop reform proposals for bulk water supply arrangements for South East Queensland.
Throughout 2007-08 we will continue to work with agencies to implement these arrangements by managing the transfer of bulk water assets to State control and establishing entities to own and operate this strategic infrastructure.
In 2006-07 we helped establish funding and governance arrangements for a significant water infrastructure program in South East Queensland. This program will ensure security of supply during and beyond the current drought, as total demand across the region grows with increasing development and population. Our focus in 2007-08 will be on monitoring the program's delivery and helping agencies and project sponsors manage the inherent risks and challenges.
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Funding infrastructure for Queensland's future growth
During the year, the Queensland Government allocated proceeds from the sale of Allgas Energy, Sun Retail, Sun Gas and Powerdirect Australia to the Queensland Future Growth Fund. The fund will help finance Queensland's growth through:
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$1.5 billion for water and transport infrastructure
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$600 million for commercial infrastructure
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$100 million for Smart State projects and technologies, $100 million for climate change and $300 million for clean coal
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$500 million for a major expansion of social housing stock.
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Strategic business priority
Further develop and refine the Queensland Government financial management framework.
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Supporting service and infrastructure solutions
The growing demand for services and infrastructure around Queensland imposes further obligations on the Government to achieve quality and value for money for our communities. In 2006-07, we continued to implement the Project Assurance Framework (PAF) across the Queensland Government. This rigorous framework is being trialled with a number of projects in the South East Queensland Infrastructure Plan and Program. By setting minimum standards for project management and assurance, PAF helps ensure high quality infrastructure and service delivery for Queenslanders.
In 2007-08, PAF will be finalised. Once that is achieved, we will work with the Department of Infrastructure to implement the framework across the whole of Government.
Interstate comparison of per capita net worth at 30 June 2008
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 55 per cent greater than the average per capita net worth of the other states.
Government expenses by purpose - 2007-08
Analysis: General Government expenses in 2007-08 are budgeted at $32.282 billion, an increase of $2.118 billion (or 7 per cent) over the estimated actual for 2006-07. Growth in expenses include a range of service developments and initiatives with a particular focus on health, disability services, education and training, housing and child safety.
Securing a stronger future for Queenslanders
Queensland Treasury is committed to enhancing the State's economic performance through improving public sector infrastructure and encouraging more informed economic debate.
During 2006-07, the Government entered into a long-term operating agreement with Tattersall's in a move that secures a strong and growing future for Golden Casket and an even better one for Queensland children and taxpayers.
The transaction resulted in the Australian gaming giant taking on the State's shareholding in Golden Casket as well as its licence to operate Golden Casket's lottery business in Queensland. However, ownership of the key Golden Casket brands and trademarks remains in Government hands.
Proceeds of around $694.2 million raised from this agreement will substantially fund construction of the new Queensland Children's Hospital.
The State will continue to receive lottery taxes from Golden Casket to contribute to other community initiatives through the Community Investment Fund and the conduct of lottery games will be regulated through the Queensland Office of Gaming Regulation.
Last reviewed 29 September 2008
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