Letter of transmittal (incorporating Under Treasurer's Report)
30th October 2008
The Honourable A Fraser MP
Treasurer
Level 9 Executive Building
100 George Street
BRISBANE QLD 4000
Dear Treasurer
I am pleased to present the Queensland Treasury Annual Report 2007–08.
I certify that this Annual Report meets the prescribed requirements of the Financial Administration and Audit Act 1977 (FAA Act) and the Financial Management Standard 1997 (FMS) particularly with regard to reporting this agency’s governance arrangements, objectives, functions and performance, as well as the agency’s additional reporting and tabling obligations for this report.
A key focus during the year was the 2008–09 State Budget, which includes a record $17 billion infrastructure program. The State’s net worth is expected to grow strongly from an estimated $123.095 billion at 30 June 2008 to $140.243 billion by 30 June 2012.
Gaming, liquor and racing reform was also an area of focus, as the Office of Liquor, Gaming and Racing was formed from 1 July 2008 to streamline our regulatory framework and deliver more comprehensive harm-minimisation initiatives.
In 2007-08, Treasury was heavily involved in the Council of Australian Governments reform process, which is focused on improving economic efficiency, restructuring Commonwealth-state relations and closing the gap between Indigenous and non-Indigenous Australians. Also on a national level, the Office of Economic and Statistical Research examined the impacts of climate change on the Australian economy as part of the Garnaut Climate Change Review team.
The department has responded to significant challenges and reforms during the year, as Queensland experiences the most sustained period of economic and population growth in our history, an unprecedented demand for infrastructure, a national economic and policy reform agenda, and challenging global economic conditions.
Through disciplined and forward-looking financial and economic management, we are committed to keeping the fundamentals strong and securing Queensland’s prosperity for future generations.
A checklist outlining compliance of this report with the governance, performance, reporting and procedural obligations contained in the Financial Administration and Audit Act 1977 and the Financial Management Standard 1997 can be accessed at www.treasury.qld.gov.au.
Yours sincerely
Gerard Bradley
Under Treasurer
Last reviewed 23 October 2009
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