The report on performance covers the Treasury’s departmental and administered items for 2014‑15.
Departmental items are the goods and services the department provides for, and on behalf of, the Government. This involves the use of assets, liabilities, revenues and expenses controlled or incurred by the Treasury in its own right. Program 1.1 relates mainly to departmental items.
Administered items are revenues, expenses, assets or liabilities managed by the Treasury on behalf of the Government and include subsidies, grants and benefits. Programs 1.2 to 1.9 relate to administered items.
The Treasury’s 2014‑15 performance is reported at the program level for its policy outcome:
- Outcome 1: Informed decisions on the development and implementation of policies to improve the wellbeing of the Australian people, including by achieving strong, sustainable economic growth, through the provision of advice to government and the efficient administration of federal financial relations.
Performance outcomes for each program are reported against the objectives, deliverables and key performance indicators published in the Treasury Portfolio Budget Statements 2014‑15 and the Treasury Portfolio Additional Estimates Statements 2014‑15.
The key strategies for 2014‑15 were to provide advice on:
- macroeconomic policy, based on careful monitoring and analysis of economic conditions in Australia and overseas;
- fiscal strategy, budget priorities and measures, debt and balance sheet management, as well as a budget coordination role;
- Commonwealth-State financial policy, industry, environment, defence, and social and income support policy;
- policies that promote well regulated, competitive and efficient infrastructure;
- taxation and retirement income arrangements consistent with the Government’s reform priorities;
- policies that promote competitive, efficient markets and that work to enhance consumer wellbeing, a secure financial system and sound corporate practices, and foreign investment consistent with Australia’s national interest;
- policy settings to support the efficient operation of the Australian small business sector;
- policies that help to improve Australia’s productivity by reducing the regulatory burden imposed on businesses, individuals and the community;
- a range of international economic policy issues, including strengthening multilateral regimes underpinning open trade and capital flows, supporting developing countries’ development aspirations, and shaping the evolution of the international and regional economic architecture; and
- administration of a range of payments to the states and territories under Programs 1.2 to 1.9.
An assessment of this advice is included under each program.