Queensland Treasury is responsible for driving better financial and economic outcomes for Queensland, so Queenslanders can prosper now and into the future. We undertake a range of functions that contribute to this goal, from managing the state’s finances to administering grants, collecting taxes to procuring infrastructure.
Treasury also has close relationships with statutory bodies whose work complements that of the department and which are the legal responsibility of the Treasurer or the Under Treasurer. These include
Treasury is responsible for managing Queensland’s revenue and expenditure in a way that drives economic growth, creates jobs, and improves prosperity now and into the future. Each year, Treasury prepares a state budget. We do this by working with other government agencies to negotiate departmental budgets that respect the fiscal, economic, service delivery and reform goals of the government.
Throughout the year, Treasury provides financial management advice to Queensland Government agencies to ensure service delivery is consistent with the government’s fiscal strategy. Treasury is also responsible for liaising with the Australian Government about financial relations and grants.
As the state’s central economic advisory unit, Treasury – through our statistical gathering and analysis, economic analysis and financial management knowledge – is uniquely placed to advise cabinet on the financial and economic impact of policy decisions, and to advocate for economically strong policy outcomes across government. We do this through liaising at a departmental level with other government agencies and by ensuring our voice is heard in Cabinet.
Projects Queensland, a specialist business unit within Treasury, procures all high-risk and high-value (over $100 million) infrastructure on behalf of Queensland Government agencies, ensuring that public needs are met while minimising the amount of money the government needs to spend.
Treasury’s Office of State Revenue (OSR) is responsible for collecting state taxes (including duties, payroll tax and land tax) and mining and petroleum royalties on behalf of the Queensland and Australian governments.
OSR also conducts audits and recovers unpaid taxes and royalties through the State Penalty Enforcement Registry.
Treasury plays a central and ongoing role in increasing government’s productivity through renewal and reform activities. We are leading a number of cross-agency initiatives and implementing 33 recommendations from the 2012 Independent Commission of Audit.
Treasury monitors the performance of all government commercial businesses, including 11 Queensland government-owned corporations (GOCs) and two statutory bodies which have commercial operations.