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Date Published : Tuesday, April 01, 2008
The Treasury is at the heart of all financial decisions made in Australia. Whether you know it or not, it influences everyone's daily life right across the nation.
Part of the federal government, the Treasury is based in Canberra, its home since its foundation in 1901. Initially, there were five experienced book-keepers looking over the nation's finances, making sure each state had its own allocated budget.
Since then, the Treasury has evolved to become the federal government's premier adviser on economic policy and today the Treasury and its 850 people are at the forefront of Australian economic analysis and policy development.
According to its website, the Treasury's mission "is to improve the wellbeing of the Australian people by providing sound and timely advice to the government, based on objective and thorough analysis of options and by assisting Treasury ministers in the administration of their responsibilities and the implementation of government decisions."
Recently, the Treasury has been in the news regarding the Reserve Bank of Australia's interest rate decisions. While the Reserve Bank operates independently of the federal government, the Treasury plays a key role in advising the Bank.
The federal government minister responsible for the Treasury is the treasurer, currently Wayne Swan. He has overall responsibility for all of the policy matters falling within the Treasury portfolio.
These include economic and fiscal policy, taxation, prices surveillance, competition policy, national and occupational superannuation and borrowing money on the public credit of the Commonwealth.
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