Department of the Treasury (Australia)

The Department of the Treasury is an Australian Government department. Its role is to focus and develop economic policy.

History

The Commonwealth Treasury was established in Melbourne in January 1901.The department focused on developing taxation system, land and income tax and economic policies.

Structure

The department is divided into four groups, Fiscal, Macroeconomic, Revenue and Markets with support coming from the Corporate Services Division. These groups were established to meet four policy outcomes:

• Effective government spending and taxation arrangements

The Treasury provides advice on budget policy issues, trends in Commonwealth revenue and major fiscal and financial aggregates, major expenditure programmes, taxation policy, retirement income, Commonwealth-State financial policy and actuarial services.

• Sound macroeconomic environment

The Treasury monitors and assesses economic conditions and prospects, both in Australia and overseas, and provides advice on the formulation and implementation of effective macroeconomic policy.

• Well functioning markets

The Treasury provides advice on policy processes and reforms that promote a secure financial system and sound corporate practices, remove impediments to competition in product and services markets and safeguard the public interest in matters such as consumer protection and foreign...
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