economics legislation committee · the senate . economics legislation committee annual reports (no....

The Senate

Economics Legislation Committee

Annual reports (No. 2 of 2016)

October 2016

ii

© Commonwealth of Australia 2016 978-1-76010-460-3 This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License.

The details of this licence are available on the Creative Commons website: http://creativecommons.org/licenses/by-nc-nd/3.0/au/

Printed by the Senate Printing Unit, Parliament House, Canberra.

http://creativecommons.org/licenses/by-nc-nd/3.0/au/

iii

Senate Economics Legislation Committee Members Senator Jane Hume, Chair Victoria, LP Senator Chris Ketter, Deputy Chair Queensland, ALP Senator David Bushby Tasmania, LP Senator Jennifer McAllister New South Wales, ALP Senator Ian Macdonald Queensland, LP Senator Nick Xenophon South Australia, NXT

Secretariat Mr Mark Fitt, Secretary Ms Leonie Lam, Research Officer PO Box 6100 Parliament House Canberra ACT 2600 Ph: 02 6277 3540 Fax: 02 6277 5719 E-mail: [email protected] Internet: www.aph.gov.au/senate_economics

http://www.aph.gov.au/senate_economics

TABLE OF CONTENTS

Committee members…………………………………………………………iii

Abbreviation…………………………………………………………………vii

Chapter 1.............................................................................................................. 1

Overview .................................................................................................................... 1

Introduction ............................................................................................................ 1

Terms of reference .................................................................................................. 1

Allocated portfolios ................................................................................................ 1

Role of annual reports ............................................................................................ 2

Annual reporting requirements ............................................................................... 3

Reports referred to the committee .......................................................................... 4

Additional reports referred to the committee ......................................................... 5

General comments on the annual reports ............................................................... 5

Chapter 2.............................................................................................................. 9

Individual 2014–15 Annual Reports ....................................................................... 9

Report under the Treasury portfolio ....................................................................... 9

Appendix 1 ......................................................................................................... 13

Treasury portfolio .................................................................................................. 13

List of annual reports tabled in the Senate in the period 1 November 2015 to 30 April 2016, and before the tabling of this report ............................................. 13

Appendix 2 ......................................................................................................... 15

Industry, Innovation and Science Portfolio Structure (previous) ......................... 15

Appendix 3 ......................................................................................................... 17

Industry, Innovation and Science Portfolio Structure (current) ........................... 17

vi

Appendix 4 ......................................................................................................... 19

Treasury Portfolio Structure and Outcomes (previous) ....................................... 19

Appendix 5 ......................................................................................................... 21

Treasury Portfolio Structure and Outcomes (current) .......................................... 21

vii

Abbreviations

AAO Administrative Arrangements Orders

CAC Act Commonwealth Authorities and Companies Act 1997

FIRB Foreign Investment Review Board

FMA Act Financial Management and Accountability Act 1997

JCPAA Joint Committee of Public Accounts and Audit

PGPA Act Public Governance, Performance and Accountability Act 2013

PBS Portfolio Budget Statements

PAES Portfolio Additional Estimates Statements

PM&C Department of Prime Minister and Cabinet

PM&C guidelines or Requirements for Annual Reports Requirements for Annual Reports for Departments, Executive Agencies and Other Non-corporate Commonwealth Entities, last revised on 25 June 2015

Chapter 1 Overview

Introduction 1.1 This is the Senate Economics Legislation Committee's (the committee) second and final report on annual reports for 2016. It provides an overview of the committee's examination of annual reports for the 2014–15 final year tabled after 31 October 2015 and after the publication of the committee's first report on annual reports in 2016.

Terms of reference 1.2 Standing Order 25(20) relating to the consideration of annual reports by committee requires the committee to:

(a) examine each annual report referred to it and report to the Senate whether the report is apparently satisfactory;

(b) consider in more detail, and report to the Senate on, each annual report which is not apparently satisfactory, and on the other annual reports which it selects for more detailed consideration;

(c) investigate and report to the Senate on any lateness in the presentation of annual reports;

(d) in considering an annual report, take into account any relevant remarks about the report made in debate in the Senate;

(e) if the committee so determines, consider annual reports of departments and budget-related agencies in conjunction with examination of estimates;

(f) report on annual reports tabled by 31 October each year by the tenth sitting day of the following year, and on annual reports tabled by 30 April each year by the tenth sitting day after 30 June of that year;

(g) draw to the attention of the Senate any significant matters relating to the operations and performance of the bodies furnishing the annual reports; and

(h) report to the Senate each year whether there are any bodies which do not present annual reports to the Senate and which should present such reports.

1.3 The requirements apply to annual reports for the financial year ending on 30 June 2015.

Allocated portfolios 1.4 The Senate allocated departments and agencies to committees on 13 November 2013.1 In accordance with that resolution, the committee has responsibility for the oversight of the following: • Industry, Innovation and Science Portfolio;2 and

1 Journals of the Senate, No. 1, 13 November 2013, pp. 88–89.

• Treasury Portfolio. 1.5 As part of the 2015–16 Budget on 11 May 2015, the Government announced that IIF Investments Pty Ltd will cease to exist. IIF Investments Pty Limited's 2015–16 report, to be included in next year's examination of annual reports, will be the agency's final report. 1.6 In addition, following the Machinery of Government changes arising from the Administrative Arrangements Order (AAO) dated 19 July 2016, the Snowy Hydro Limited was transferred from the Industry, Innovation and Science Portfolio to the Environment and Energy Portfolio. Northern Australia Infrastructure Facility, which is currently under the Department of Industry, Innovation and Science, will publish its annual reports from 2016–17 onwards.

Role of annual reports 1.7 Annual reports place a great deal of information about government departments and agencies on the public record in relation to the performance, activities, management and financial position of the reporting body. The Requirements for Annual Reports for Departments, Executive Agencies and Other Non-corporate Commonwealth Entities (Requirements for Annual Reports), prepared by the Department of the Prime Minister and Cabinet (PM&C) states '[t]he primary purpose of annual reports of departments is accountability, particularly to the Parliament.'3 Accordingly, the tabling of annual reports is an important element of accountability to the Parliament, as the information provided in annual reports assists in the effective examination of the performance of departments and agencies, and the administration of government programs. 1.8 Together with Portfolio Budget Statements (PBS), Portfolio Additional Estimates Statements (PAES) and the Estimates process, annual reports are the primary mechanisms for scrutiny of the operations of government. As highlighted in the Requirements for Annual Reports released by the PM&C, and approved by the Joint Committee of Public Accounts and Audit (JCPAA), under subsections 63(2) and 70(2) of the Public Service Act 1999 (PS Act):

Annual reports serve to inform the Parliament (through the responsible Minister), other stakeholders, educational and research institutions, the media and the general public about the performance of departments in relation to services provided. Annual reports are a key reference document and a document for internal management. They form part of the historical record.4

2 The Department of Industry and Science was renamed Department of Industry, Innovation and

Science following Machinery of Government changes on 21 September 2015.

3 Department of the Prime Minister and Cabinet, Requirements for Annual Reports for Departments, Executive Agencies and Other Non-corporate Commonwealth Entities (Requirements for Annual Reports), 25 June 2015, paragraph 5(1).

4 Department of the Prime Minister and Cabinet, Requirements for Annual Reports, 25 June 2015, paragraph 5(2).

…

Annual reports and PB Statements are the principal formal accountability mechanisms between government and departments and from departments through (or on behalf of) government to the Parliament.5

Annual reporting requirements 1.9 This is the first time departments and agencies are reporting under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), which commenced on 1 July 2014. The PGPA Act consolidates the governance, performance and accountability requirements contained in the Financial Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act). It also establishes a performance reporting framework for all Commonwealth entities and companies. 1.10 Section 46 of the PGPA Act sets out the annual reporting requirements in relation to Commonwealth entities, including that annual reports must comply with any requirements prescribed by rules. Section 97 sets out the annual reporting requirements for Commonwealth companies. 1.11 However, as with 2013–14 annual reports, 2014–15 annual reports were prepared under the arrangements existing at 30 June 2014 as follows: • for non-corporate Commonwealth entities (departments, executive agencies and

statutory agencies): the Public Service Act 1999, sections 63(2) and 70(2), and the Parliamentary Service Act 1999, section 65; other relevant enabling legislation for statutory bodies; and the Requirements for Annual Reports;

• for corporate Commonwealth entities: the Commonwealth Authorities (Annual Reporting) Orders 2011 prescribe material that must be included in corporate entities' annual reports. These Orders continue to apply to 2014–15 annual reports under the PGPA (Consequential and Transitional Provisions) Rule;

• for Commonwealth companies: the Commonwealth Companies (Annual Reporting) Orders 2011 prescribe material that must be included in corporate entities' annual reports. These Orders continue to apply to 2014–15 annual reports under the PGPA (Consequential and Transitional Provisions) Rule;6 and

• for non-statutory bodies: the guidelines are contained in the government response to the Senate Standing Committee on Finance and Public Administration Report on Non-Statutory bodies.7

1.12 In its report on the development of the Commonwealth performance framework, the Joint Committee of Public Accounts and Audit (JCPAA) foreshadowed that in future years the annual report requirements 'will be replaced

5 Department of the Prime Minister and Cabinet, Requirements for Annual Reports,

25 June 2015, paragraph 6(1).

6 Refer to Rules 7AB and 7AC.

7 Senate Hansard, 8 December 1987, pp. 2632–45.

through the consolidation of all mandatory requirements into a rule made for the purposes of section 46 of the PGPA Act'.8 1.13 The enabling legislation of some agencies may require an agency to report on matters other than those included in the Requirements for Annual Reports, or impose different reporting requirements. The committee's view is that such agencies, while bound by their enabling legislation, should also comply with the Requirements for Annual Reports, to the extent that the requirements do not conflict. Requirements for Annual Report for 2014–15 reports 1.14 The Requirements for Annual Reports were issued by the PM&C on 25 June 2015 and approved by the JCPAA. Two significant changes were made in relation to: • small business procurement – three requirements have been added to reflect the

government's commitment to improve small business access to Commonwealth contracts; and

• Indigenous employment – reporting on Indigenous employment has been added to the existing requirement to report on the management of human resources.9

1.15 While the Requirements for Annual Reports issued on 25 June 2015 apply to annual reports for 2014–15, it was noted that:

Significant revisions to the Requirements are anticipated for the 2015–16 financial year with the commencement of the performance reporting model under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).10

Reports referred to the committee 1.16 The first Report on Annual Reports was tabled earlier this year on 2 March 2016. 1.17 Under Standing Order 25(20)(f), the committee is required to report on the annual reports of departments and agencies tabled by 30 April each year by the tenth sitting day after 30 June of that year. This year that date is 12 October 2016. This Report on Annual Reports also examines annual reports that were tabled after 30 April 2016 but before this report's tabling. 1.18 The committee would also like to include a correction to information contained in the first report; following the abolition of the Corporations and Markets Advisory

8 Joint Committee of Public Accounts and Audit, Report 452 Development of the Commonwealth

Performance Framework, December 2015, p. 12.

9 Department of the Prime Minister and Cabinet, Requirements for Annual Reports for Departments, Executive Agencies, and other Non-Corporate Commonwealth Entities, 25 June 2015, p. i.

10 Department of the Prime Minister and Cabinet, Requirements for Annual Reports for Departments, Executive Agencies, and other Non-Corporate Commonwealth Entities, 25 June 2015, p. i.

Committee (CAMAC) in the May 2014 Budget, CAMAC's 2013–14 annual report was its final, and not as suggested 2014–15.11 1.19 The following annual report was referred to the committee for consideration: Other bodies (non-statutory) 1.20 Foreign Investment Review Board, tabled on 18 April 2016 (presented out of session on 12 April 2016). (There is no legislative requirement to table the report.) 1.21 Comments on this report are contained in chapter 2.

Additional reports referred to the committee 1.22 As the committee is not obliged to report on Acts, statements of corporate intent, surveys, policy papers, budget documents, corporate plans or errata, the following documents were referred to the committee for information only since the first report was tabled in March 2016: • Particulars of proposed expenditure in respect of the year ending on

30 June 2017 [Appropriation Bill (No. 1) 2016–2017]; • Particulars of certain proposed expenditure in respect of the year ending on

30 June 2017 [Appropriation Bill (No. 2) 2016–2017]; and • Final Budget Outcome 2015–16—Report by the Treasurer and the Minister for

Finance, dated September 2016. • Australian Taxation Office:

o Super Co-contributions Quarterly Report—for the period 1 January 2016 to 31 March 2016—Section 54 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003; and

o Low Income Superannuation Contributions Quarterly Report—for the period 1 January 2016 to 31 March 2016—Section 12 of the Superannuation Government Co-contribution for Low Income Earners) Act 2003.

• Productivity Commission: o Inquiry Report No. 77—Migrant intake into Australia, dated 13 April 2016.

General comments on the annual reports 'Apparently satisfactory' 1.23 Under the terms of Standing Order 25(20)(a), the committee is required to report to the Senate whether reports are 'apparently satisfactory'. In making this assessment, the committee considers such aspects as compliance with relevant reporting guidelines. 1.24 The annual report examined by the committee in this report was found to be of a satisfactory standard, adequately describing the functions, activities, performance

11 Report on Annual Reports (No.1 of 2016), p. 7.

and financial position of the agency. The committee finds the examined annual report to be 'apparently satisfactory'. 1.25 Even so, the committee considers that some aspects of the agency's annual report could be improved by an adherence to the Requirements for Annual Reports.

External scrutiny and accountability 1.26 It is required that annual reports:

…must provide information on the most significant developments in external scrutiny of the department and the department's response, including particulars of:

(a) judicial decisions, decisions of administrative tribunals, and decisions by the Australian Information Commissioner, that have had, or may have, a significant impact on the operations of the department; and

(b) reports on the operations of the department, including by the Auditor-General (other than the report on financial statements), a Parliamentary committee, the Commonwealth Ombudsman, or agency capability reviews (once released).12

1.27 Annual reports should be a primary reference document for parliamentarians and others looking for information about external scrutiny of government agencies. As noted, the primary purpose of annual reports is accountability to the Parliament—it is therefore important that details about external scrutiny are included in a clear manner in annual reports. Details on parliamentary scrutiny should be included in annual reports, including appearances at Senate estimates hearings (which are the subject of bi-annual reports to the Senate) and any evidence or submissions made to parliamentary inquiries. The reports should also note that they are subject to scrutiny by this and any other committee.

Timeliness 1.28 Standing Order 25(20)(c) requires the committee to report to the Senate on the late presentation of annual reports. Although there is no legislative requirement for the Foreign Investment Review Board to produce an annual report, the committee notes it is the Government's policy that annual reports be tabled by 31 October each year. It is also best practice to table annual reports prior to Supplementary Budget Estimates hearings to allow senators sufficient time to examine an agency's performance. Departments and PGPA Act entities 1.29 To ensure compliance with the PGPA Act,13 subsection 4(1) of the PM&C Requirements for Annual Reports states that annual reports of departments and agencies must be provided to the responsible Minister by the 15th day of the fourth month after the end of the reporting period. The responsible Minister must, in turn, present the report to each House of the Parliament on or before 31 October in the year


25 June 2015, p. 9.

13 Section 46 of the PGPA Act provides for annual reports of Commonwealth entities.

in which the report is given. Furthermore, if Senate Supplementary Budget Estimates hearings are scheduled to occur prior to 31 October, it is best practice for annual reports to be tabled prior to those hearings.14 In 2015, hearings for the committee's portfolios commenced on 21 October. 1.30 The provisions of subsections 34C(4)–(7) of the Acts Interpretation Act 1901 apply in relation to an application for extension of the period. An extension under the Acts Interpretation Act 1901 would need be sought only should a specified timeframe not be met. However, it remains the government's policy that all annual reports should be tabled by 31 October.15 Other entities 1.31 Entities reporting in accordance with their own legislation are often required to prepare for the relevant Minister their annual report 'as soon as is practicable' after the end of the particular period to which the reports relates. The committee draws attention to subsections 34C(2) and 34C(3) of the Acts Interpretation Act 1901, which stipulate that where no date for providing a report to a Minister is specified, the report should be presented no more than six months after the reporting period, and the Minister must provide the report to the Parliament within 15 days after the Minister receives it.

Compliance indices or lists of requirements 1.32 The inclusion of a compliance index or a list of requirements in annual reports is mandatory for all departments and agencies under the PGPA Act as it was under the previous FMA Act, and as spelled out in the Prime Minister and Cabinet's guidelines contained in Requirements for Annual Reports. The index preferably should include a nil return entry where the agency has nothing to report under an item. A compliance index is a useful feature of reports and assists the committee considerably in its assessments of the reports. It also assists agencies by clearly showing that their compliance obligations have been met. It can be particularly useful for agencies with reporting requirements under various Acts.


25 June 2015, p. 2.

15 Department of the Prime Minister and Cabinet, Requirements for Annual Reports, 25 June 2015, p. 2.

Chapter 2 Individual 2014–15 Annual Reports

2.1 On this occasion, the committee has decided to examine in more detail the following annual report tabled by 30 April 2016 or before the tabling of this Report on Annual Reports on 12 October 2016: 2.2 For the Treasury portfolio: • Foreign Investment Review Board.

Report under the Treasury portfolio Foreign Investment Review Board—annual report 2014–15 2.3 The annual report for the Foreign Investment Review Board (FIRB or the Board) was presented out of session on 12 April 2016 and was tabled on 18 April 2016. 2.4 The committee notes that the annual report of the Board is not statutorily mandated, but prepared in accordance with the Board's responsibility to advise the government on foreign investment matters. Accordingly, the Board is a non-statutory body responsible for advising the Treasurer on foreign investment policy and administration. It examines foreign investment proposals submitted under the Foreign Acquisitions and Takeovers Act 1975 (the Act) and under Australia's Foreign Investment Policy (the Policy). Responsibility for making decisions rests with the Treasurer. 2.5 The Board is supported by the Department of the Treasury through its Foreign Investment and Trade Policy Division, which leads the Department's work on trade policy. The Division also supports the Board with secretariat and administrative services in relation to applying the foreign investment framework to business, agriculture and commercial land proposals.1 2.6 The role of the Board, through its secretariat, is to: • examine foreign investment proposals submitted under the Foreign Acquisitions

and Takeovers Act 1975 (the Act) and supporting legislation, and to make recommendations to the Treasurer and other Treasury portfolio ministers on national interest implications of these proposals;

• advise the Treasurer on the operation of the foreign investment framework and related matters;

• provide guidance to foreign persons and their representatives or agents on the operation of the foreign investment framework;

• monitor and ensure compliance with the Act; and

1 Foreign Investment Review Board Annual Report 2014–15, p. 5.

• foster an awareness and understanding, both in Australia and abroad, of Australia's policy on foreign investment.2

2.7 The Board comprises of five part-time members appointed by the Treasurer, as well as the General Manager of the Foreign Investment and Trade Policy of the Department of the Treasury. 2.8 During the reporting period, the Board was also supported by the Australian Taxation Office's (ATO) administration of foreign investment into residential real estate. This responsibility was later expanded from compliance activities to encompass all aspects of foreign investment in residential real estate from 1 December 2015. The ATO also has responsibility for the collection of foreign investment application fees and for administering the register of foreign ownership of agricultural land.3 Operational matters 2.9 The Board reported an increase in total expenses for 2014–15 of $339,048 compared to the previous period of $328,048. Most of the Board's expenses were expended on the remuneration of Board members (about 90 per cent) determined by the Remuneration Tribunal, with the remainder expended on travel, car hire and incidentals.4 The total expenses for the Division over the same reporting period were $4.4 million (an increase from $3.9 million for 2013–14). Expenses were mainly comprised of employee salary (including superannuation and accruing leave entitlements) and administrative costs, and with an average of 31 Treasury staff. This number increased at the end of June 2015 with 37 Treasury staff and the inclusion of external contractors and consultants. The ATO also spent around $0.168 million in 2014–15 preparing for the transfer of the new foreign investment functions and on compliance activities.5 2.10 During the reporting period, the Board contributed to the Government's reforms to strengthen the foreign investment framework, which took effect in December 2015. These reforms represented the largest change to the framework in 40 years and the Board played a significant role in the design and implementation of the reform package, with discussions held and advice provided to the Government.6 2.11 In 2014‒15, the Board approved 37,953 applications for foreign investment proposals from a total of 38,932 applications valued at $194.6 billion (a 16.3 per cent increase on the preceding period). Of these, 16,446 were approved subject to conditions and 21,507 were approved without conditions. A significant number of these conditional proposals were in the real estate sector.7


3 Foreign Investment Review Board Annual Report 2014–15, p.7.



6 Foreign Investment Review Board Annual Report 2014–15, p. iii.

7 Foreign Investment Review Board Annual Report 2014–15, pp. 21–22.

2.12 There were no proposals rejected in 2014–15 compared with three in the previous reporting period. During the same period, 799 proposals were withdrawn by applicants, and of these, 88 per cent were in real estate. The number of proposals determined to be exempt from the Policy or the scope of the Act was 180 compared to 181 in the previous year. There was one divestment order over the same period and it related to a Sydney property which had been illegally purchased by a foreign-owned company. This divestment order was the first issued in close to ten years, and following the transfer of responsibility for residential real estate to the Australian Taxation Office, a further 26 residential properties unlawfully held by foreign nationals would also be divested.8 2.13 Among the more high profile foreign investment applications examined by the Board were Japan Post's proposed acquisition of Toll Holdings and China Communications Construction Company's proposed acquisition of the John Holland Group.9 2.14 The real estate remained the largest sector in receipt of foreign investment with approvals at $96.9 billion (about 50 per cent of the value of all approvals) compared with $74.6 billion in 2013–14. This sector experienced a large increase with 37,347 approvals in 2014–15. The majority was attributed to new dwellings, which is consistent with the Government's policy to increase the housing stock. This was followed by the services sector at $38.8 billion value, mineral exploration and development at $26.7 billion, and manufacturing at $19.5 billion. The decreased value in investment for the services sector was attributed to the effects of asset sales in the previous year. This effect was however, offset by increases in investments into the manufacturing, finance and insurance sectors.10 2.15 In 2014‒15, China remained Australia's largest foreign investor in terms of the value of all approvals with $46.56 billion approved (or around 33 per cent of the total value of all approvals by foreign country). This was due mainly to increased residential and real estate approvals. Other major sources of proposed investment were the United States ($25.09 billion), Singapore ($9.97 billion), Japan ($8.66 billion) and Canada ($7.89 billion).11 2.16 The Board noted that while China remained Australia's largest source country for approved proposed investments in 2014–15, it was coming from a low base. Furthermore, in terms of total stock of foreign direct investment, the country was ranked fifth compared to the United States, which remained Australia's largest inward investor country in 2014–15.12

8 Foreign Investment Review Board Annual Report 2014–15, pp. iv and 21.

9 Foreign Investment Review Board Annual Report 2014–15, p. iii.

10 Foreign Investment Review Board Annual Report 2014–15, pp. 25–30.

11 Foreign Investment Review Board Annual Report 2014–15, pp. iv, xii, 34–35.

12 Foreign Investment Review Board Annual Report 2014–15, p. xii.

Reporting requirements 2.17 The committee considers the Foreign Investment Review Board's annual report is 'apparently satisfactory'.

Senator Jane Hume Chair

Appendix 1 Treasury portfolio

List of annual reports tabled in the Senate in the period 1 November 2015 to 30 April 2016, and before the tabling of this report

Reporting body

Legislation Date of transmittal letter

Date sent to / Date received by Minister

Date tabled/ (presented)

Foreign Investment Review Board (FIRB)

Foreign Acquisitions and Takeovers Act 1975

No legislative requirement to table the report

8.4.16 n/a Senate 18.4.16

(12.4.16)

HoR 18.4.16

Appendix 2

Industry, Innovation and Science Portfolio Structure (previous)

Source: Industry portfolio, Portfolio Budget Statements 2016–17, p. 5.

Appendix 3: Industry, Innovation and Science Portfolio (current)

Appendix 4 Treasury Portfolio Structure and Outcomes (previous)

Portfolio Minister — Treasurer The Hon Scott Morrison MP

Minister for Small Business and Assistant Treasurer

The Hon Kelly O'Dwyer MP

Assistant Minister to the Treasurer The Hon Alex Hawke MP

Department of the Treasury

Portfolio Secretary Mr John Fraser

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

Australian Bureau of Statistics

Australian Statistician: Mr David Kalisch

Informed decision-making, research and discussion within governments and the community by leading the collection, analysis and provision of high quality, objective and relevant statistical information

Australian Competition and Consumer Commission

Chairman: Mr Rod Sims

Lawful competition, consumer protection, and regulated national infrastructure markets and services through regulation, including enforcement, education, price monitoring and determining the terms of access to infrastructure services

Australian Office of Financial Management

Chief Executive Officer: Mr Rob Nicholl

The advancement of macroeconomic growth and stability, and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government

Australian Prudential Regulation Authority

Chairman: Mr Wayne Byres Enhanced public confidence in Australia's financial institutions through a framework of prudential regulation which balances financial safety and efficiency, competition, contestability and competitive neutrality

Australian Securities and Investments Commission

Chairman: Mr Greg Medcraft

Improved confidence in Australia’s financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems

Australian Taxation Office

Commissioner: Mr Chris Jordan AO

Confidence in the administration of aspects of Australia's taxation and superannuation systems through helping people understand their rights and obligations, improving ease of compliance and access to benefits, and managing non-compliance with the law

Commonwealth Grants Commission Secretary: Mr Michael Willcock

Informed Government decisions on fiscal equalisation between the States and Territories through advice and recommendations on the distribution of GST revenue and health care grants

Inspector-General of Taxation

Inspector-General: Mr Ali Noroozi

Improved tax administration through community consultation, review and independent advice to Government

National Competition Council

President: Ms Julie-Anne Schafer

Competition in markets that are dependent on access to nationally significant monopoly infrastructure, through recommendations and decisions promoting the efficient operation of, use of and investment in infrastructure

Office of the Auditing and Assurance Standards Board

Chairman: Ms Merran Kelsall

The formulation and making of auditing and assurance standards that are used by auditors of Australian entity financial reports or for other auditing and assurance engagements

Office of the Australian Accounting Standards Board

Chairman: Ms Kris Peach

The formulation and making of accounting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions

Productivity Commission Chairman: Mr Peter Harris

Well-informed policy decision-making and public understanding on matters relating to Australia’s productivity and living standards, based on independent and transparent analysis from a community- wide perspective

Royal Australian Mint

Chief Executive Officer: Mr Ross MacDiarmid

The coinage needs of the Australian economy, collectors and foreign countries are met through the manufacture and sale of circulating coins, collector coins and other minted like products

Source: Treasury portfolio, Portfolio Budget Statements 2016-17, pp. 5–6.

Appendix 5

Treasury Portfolio Structure and Outcomes (current) 1.1

Portfolio Minister — Treasurer The Hon Scott Morrison MP

Minister for Revenue and Financial Services

The Hon Kelly O'Dwyer MP

Minister for Small Business The Hon Michael McCormack MP

Department of the Treasury

Portfolio Secretary Mr John Fraser

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

Australian Bureau of Statistics

Australian Statistician: Mr David Kalisch

Informed decision-making, research and discussion within governments and the community by leading the collection, analysis and provision of high quality, objective and relevant statistical information

Australian Competition and Consumer Commission

Chairman: Mr Rod Sims

Lawful competition, consumer protection, and regulated national infrastructure markets and services through regulation, including enforcement, education, price monitoring and determining the terms of access to infrastructure services

Australian Office of Financial Management

Chief Executive Officer: Mr Rob Nicholl

The advancement of macroeconomic growth and stability, and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government

Australian Prudential Regulation Authority

Chairman: Mr Wayne Byres Enhanced public confidence in Australia's financial institutions through a framework of prudential regulation which balances financial safety and efficiency, competition, contestability and competitive neutrality

Australian Securities and Investments Commission

Chairman: Mr Greg Medcraft

Improved confidence in Australia’s financial markets through promoting informed investors and financial consumers, facilitating fair and efficient markets and delivering efficient registry systems

Australian Taxation Office Commissioner: Mr Chris Jordan AO

Confidence in the administration of aspects of Australia's taxation and superannuation systems through helping people understand their rights and obligations, improving ease of compliance and access to benefits, and managing non-compliance with the law

Commonwealth Grants Commission

Secretary: Mr Michael Willcock

Informed Government decisions on fiscal equalisation between the States and Territories through advice and recommendations on the distribution of GST revenue and health care grants

Inspector-General of Taxation

Inspector-General: Mr Ali Noroozi

Improved tax administration through community consultation, review and independent advice to Government

National Competition Council

President: Ms Julie-Anne Schafer

Competition in markets that are dependent on access to nationally significant monopoly infrastructure, through recommendations and decisions promoting the efficient operation of, use of and investment in infrastructure

Office of the Auditing and Assurance Standards Board

Chairman: Ms Merran Kelsall

The formulation and making of auditing and assurance standards that are used by auditors of Australian entity financial reports or for other auditing and assurance engagements

Office of the Australian Accounting Standards Board

Chairman: Ms Kris Peach

The formulation and making of accounting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions

Productivity Commission Chairman: Mr Peter Harris

Well-informed policy decision-making and public understanding on matters relating to Australia’s productivity and living standards, based on independent and transparent analysis from a community- wide perspective

Royal Australian Mint

Chief Executive Officer: Mr Ross MacDiarmid

The coinage needs of the Australian economy, collectors and foreign countries are met through the manufacture and sale of circulating coins, collector coins and other minted like products

Source: Department of the Treasury website, effective 19 July 2016

economics legislation committee · the senate . economics legislation committee annual reports (no....

Documents