Along with all other agencies, we base our decisions on planning, resource management and performance on the Queensland Government’s financial management framework.
Although most indicators agree that recovery was well underway during 2009-10, the economic climate has remained challenging. The Government’s focus remains on returning the budget to surplus and sustaining jobs. With lead responsibility for economic and financial policy advice to the Government, Treasury plays a critical role in achieving this objective through fiscal principles outlined in the Charter of Fiscal Responsibility. These principles are centred around fiscal sustainability, a competitive tax regime and managing the State’s balance sheet.
Each budget, mid-year review and end-of-year outcomes report will detail the Government’s achievements against these principles. Read more about the Charter of Fiscal Responsibility and its principles.
For our organisation
Our performance is monitored externally through the Parliamentary Estimates Committee process, generally held directly after each year’s State Budget. Treasury is accountable to the Treasurer who reports on our performance against our Service Delivery Statement through the Estimates Committee.
Internally, our performance is monitored closely by our Portfolio Management Group (PMG) and the newly established Resource Governance Committee (RGC). Monthly finance reports are provided to these committees.
RGC was established in 2009-10 to strengthen our ability to manage resources effectively. This committee:
- provides advice and direction on the management of our budget
- monitors Treasury’s use of financial, workforce, IT, communication and information resources
- approves submissions and proposals for corporate service initiatives.
The committee is chaired by Under Treasurer Gerard Bradley who is supported by members Deputy Under Treasurer Alex Beavers, Executive Director, Office of State Revenue David Smith and Executive Director, Corporate Services Chris Turnbull.
Along with all other agencies, we are in the process of aligning our performance monitoring with the Government’s Performance Management Framework. This framework is improving how performance information is used to identify and address risks and opportunities for agencies, Government and the community.