Sustainable Government Finances
This chapter highlights some of Finance’s achievements in contributing to the outcome of sustainable government finances. Finance contributes to the outcome by supporting the Finance Minister, the Special Minister of State, the Strategic Priorities and Budget Committee of Cabinet, and the Expenditure Review Committee of Cabinet in the preparation and ongoing management of the Budget (along with the Department of the Treasury) and providing advice on whole-of-government spending priorities. Finance also supports other Cabinet Committees in their considerations of expenditure issues.
The department provides policy advice and costings on individual proposals and on whole-of-government expenditure priorities and, in co-operation with other agencies, provides budget expense estimates and non-taxation revenue estimates updates. Finance also consolidates budget updates, contributes to the preparation of the budget papers and prepares the Australian Government’s monthly and annual Consolidated Financial Statements.
Finance provides advice on the financial framework applicable to public sector agencies, accounting and financial reporting issues, electoral policy, and superannuation arrangements for current and former Members of Parliament and Australian Government civilian employees. The department provides advice in relation to the Australian Government Financial Asset Funds and helps build government financial management and budgeting skills in Pacific Island states and Indonesia. Finance’s Office of Evaluation and Audit (Indigenous Programs) evaluates and audits Australian Government Indigenous-specific programs designed to deliver better outcomes for Aboriginal and Torres Strait Islander people.
The department also provides policy advice and support for the Finance Minister in implementing the government’s better regulation agenda by providing policy advice on deregulation issues and assisting government agencies to comply with the government’s Regulatory Impact Analysis requirements.
During 2008-09, Finance met the majority of the performance targets for this outcome set out in the 2008-09 Portfolio Budget Statements. In particular, Ministers indicated continued satisfaction with the quality, timeliness and relevance of Finance’s advice; and the department provided over 1,000 costings to assist Budget decision-making. Australian Government agencies have also expressed satisfaction with Finance’s activities including the implementation of Operation Sunlight, the utility of Gateway reviews and the assessment of Regulation Impact Statements. Finance improved its performance against targets relating to the accuracy of Budget estimates when compared to 2007-08. The department did not reach its target timeframe for the delivery of monthly general government sector financial reports but did achieve a substantial improvement in this area.
For details of Finance’s performance in support of this outcome, see the performance information (Table 1) and the resource statement (Table 2).