[Australia]: The Treasury

[Owen]

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Headquarters​

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Treasury Building, Parkes, Australian Capital Territory​

Ministers​

Office:	Officeholder:	Image:
Treasurer	The Honourable Wayne Swan, MP
Assistant Treasurer Minister for Financial Services	The Honourable Anthony Byrne, MP
Minister for Small Business and Consumer Affairs	The Honourable Joel Fitzgibbon, MP
Parliamentary Secretary to the Treasurer	Senator Kerry O'Brien

Budget Policy Division

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Reserve Bank of Australia

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Australian Taxation Office

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Australian Bureau of Statistics

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Overview​

The Australian Bureau of Statistics (ABS) is an Australian Government agency that collects and analyses statistics on economic, population, environmental, and social issues to advise the Australian Government. The bureau's function originated in the Commonwealth Bureau of Census and Statistics, established in 1905, four years after Federation of Australia; it took on its present name in 1975. The Australian Bureau of Statistics Act 1975 established the ABS as a statutory authority headed by the Australian Statistician, who reports to the Treasurer. Once every 5 years, the ABS conducts the Australian Census of Population and Housing as stipulated under federal law in the Constitution of Australia. The census aims to accurately measure the population, number of dwellings in Australia, and a range of their key characteristics. Census data is used for defining electoral boundaries, planning infrastructure, establishing community services, and formulating public policy. The ABS publishes monthly and quarterly economic information spanning interest rates, property prices, employment, the value of the Australian dollar, and commodity prices. Publications include things such as: the Key Economic Indicators, Consumer Price Index, Australian National Accounts, Average Weekly Earnings, and Labour Force. Outside the main economic indicators, the ABS has several other major publications covering topics including: Health: The Australian Health Survey is a survey on health and wellbeing conducted in Australia. The survey includes a biomedical component with respondents having the option of providing biomedical samples such as blood and urine for testing. This allows the survey to capture detailed health information about health conditions in the community. A secondary component of the Australian Health Survey asks respondents to keep a food diary, which was used to obtain a view of the nutritional intake and dietary preferences of the nation. Crime: The ABS publishes crime statistics such as individual releases covering offenders, victims of crime, the corrections system and prisons. Demography: The ABS publishes many demographic releases including data on population, population growth and projections, interstate and overseas migration, births, deaths and overseas arrivals and departures. Aboriginal and Torres Strait Islanders: The National Aboriginal and Torres Strait Islander Social Survey (NATSISS) collects information on the social situation of Indigenous Australians, including data on health, education, culture, and labour force participation. The ABS also collects data related to Aboriginal and Torres Strait Islanders through the Australian Health Survey as well as in many other regular publications in the areas of demography, education, employment, and more. Education: The major education publications are Childhood Education and Care, Schools, and Education and Work. They look at all aspects of education in Australia from preschool up to undergraduate and postgraduate study. Environment: The ABS has publications on environmental topics covering energy and water use, conservation activities undertaken by households, land management, farming, and more. Research and Innovation: The ABS has been undertaking surveys to collect estimates from Australian organisations regarding expenditure on and human resources devoted to research and development (R&D) in Australia since 1978. The results allow the nature and distribution of Australia's R&D activity to be monitored by government policy analysts and advisers to government, businesses, and economists.

Royal Australian Mint

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Location​

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Royal Australian Mint, Deakin, Australian Capital Territory​

Overview​

The Royal Australian Mint is the sole producer of all of Australia's circulating coins and is a Commonwealth Government entity operating within the portfolio of the Treasury. The Mint is situated in the Australian federal capital city of Canberra, in Denison St, in the suburb of Deakin. The Mint was opened in 1965 by Prince Philip, Duke of Edinburgh. The mint consists of two buildings, an administration building, and a process building. The administration building houses the engravers, a laboratory, and a vibration-free basement where coinage is measured to ensure correct size and weight. The mint serves primarily to manufacture Australia's legal tender precious metal coins. Notes are produced by Note Printing Australia (Reserve Bank of Australia) in Melbourne. The mint also produces medals for military and civilian honours, most notably the Order of Australia. The mint produces medals for olympics held in Australia. The Royal Australian Mint also produces tokens made for commercial organisations such as casinos, car washes etc. Since its opening, the mint has produced over fifteen billion coins and has the capacity to produce two million coins per day. Coins are also struck for several South Pacific nations, including Papua New Guinea, Tonga, Samoa, the Cook Islands and Fiji.

Australian Coins​

Reverse Image:	Value:	Weight:	Composition:	Obverse:	Reverse:
	1c	2.60g	97% copper 2.5% zinc 0.5% tin	Queen Elizabeth II	Feathertail glider
	2c	5.20g	97% copper 2.5% zinc 0.5% tin	Queen Elizabeth II	Frill-necked lizard
	5c	2.83g	75% copper 25% nickel	Queen Elizabeth II	Echidna
	10c	5.65g	75% copper 25% nickel	Queen Elizabeth II	Superb lyrebird
	20c	11.3g	75% copper 25% nickel	Queen Elizabeth II	Platypus
	50c	15.55g	75% copper 25% nickel	Queen Elizabeth II	Coat of arms
	$1	9.00g	92% copper 6% aluminium 2% nickel	Queen Elizabeth II	Five Kangaroos
	$2	6.60g	92% copper 6% aluminium 2% nickel	Queen Elizabeth II	Aboriginal elder and Southern Cross

Australian Securities and Investment Commission

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Overview​

The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001. ASIC, which reports to the Treasurer, is responsible for the administering the following legislation: Australian Securities and Investments Commission Act Business Names Registration Act Corporations Act Insurance Contracts Act National Consumer Credit Protection Act Additionally, ASIC is also responsible for administering parts of the following legislation: Banking Act Life Insurance Act Medical Indemnity (Prudential Supervision and Product Standards) Act Retirement Savings Accounts Act Superannuation (Resolution of Complaints) Act Superannuation Industry (Supervision) Act ASIC maintains Australia's company and business name registers. The types of organisations that are maintained include companies, registered bodies, foreign companies, associations, managed investment schemes and non-registered entities. The information that is available includes current and/or historical information about the organisation, including past addresses, previous directors, and former names, as well as the organisation's unique identification number (ABN, ACN, ARBN, ARSN), type of company or organisation (e.g., proprietary company, limited by shares), date it was registered, the next review date, location of registered office (town or suburb only), and any professional licences or registrations (e.g. an Australian financial services licence or credit licence). ASIC's areas of responsibility include: Corporate Governance Financial Services Securities and Derivatives Insurance Consumer Protection Financial Literacy

Foreign Companies Operating in Australia​

Name:	Country of Origin:	ID Number:	Type of Company/Organisation:	Date Registered:	Location of Registered Office:	Any Licenses/Registrations:	Key Historical Information:

Australian Prudential Regulation Authority

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Overview​

The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998. It oversees banks, credit unions, building societies, friendly societies, general insurance, health insurance, reinsurance, and life insurance companies, and most members of the superannuation industry. It ensures that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders. APRA currently supervises institutions holding A$8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members. APRA is largely funded by levies on the financial institutions that it supervises. All financial institutions regulated by APRA are required to report on a periodic basis to APRA. Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959. Certain financial intermediaries, such as investment banks (which do not otherwise operate as ADIs) are neither licensed nor regulated under the Banking Act and are not subject to the prudential supervision of APRA. They may be required to obtain licences under the Corporations Act 2001 or other Commonwealth or state legislation, depending on the nature of their business activities in Australia.

Foreign ADIs Operating in Australia​

Name:	Country of Origin:	ID Number:	Type of ADI:	Date Registered:	Location of Registered Office:	Key Historical Information:

Australian Competition and Consumer Commission

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Overview​

The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority. The ACCC's mandate is to protect consumer rights and business rights and obligations, to perform industry regulation and price monitoring, and to prevent illegal anti-competitive behaviour. The ACCC administers the Competition and Consumer Act, and has standing to take action in the Federal Court of Australia to enforce its provision. The Competition and Consumer Act is a broad range of provisions, such as provisions on anti-competitive conduct, the Australian Consumer Law and regulation of telecommunications and energy industries. The ACCC, under the Act, also regulates certain industries by providing access to national infrastructure. The ACCC also has an educative role and seeks to educate both consumers and businesses as to their rights and responsibilities under the act. The Australian Energy Regulator is a constituent but separate part of the ACCC and is responsible for economic energy regulation. It shares staff and premises with the ACCC, but has a separate board, although at least one board member must also be a Commissioner at the ACCC. Companies that do not comply with the restrictive trade practices provisions of CCA may be fined by the Federal Court. There are three ways the maximum fine can be calculated. The maximum possible fine is the larger of A$10,000,000; or three times the value of the illegal benefit; or (if the value of the benefit cannot be ascertained) 10% of turnover for the preceding 12 months. Individuals may be fined up to $500,000 and certain offences under the Competition and Consumer Act (such as price fixing or participation in a cartel) have been criminalised with executives who engage in conduct which contravenes the relevant provisions liable for a custodial sentence of up to 10 years in prison. Companies that do not comply with the consumer protection provisions of CCA may be fined by the Federal Court, up to $1.1 million for companies and $220,000 for individuals. The ACCC maintains a listing of all Australian product recalls and the following organisations are commissioned to assist with the surveillance and monitoring of product safety in relevant areas. Food products – Food Standards Australia New Zealand Motor vehicles – Department of Infrastructure and Transport Therapeutic goods – Therapeutic Goods Administration Agricultural and veterinary products – Australian Pesticides and Veterinary Medicines Authority Electrical goods – Australian Electrical Equipment Safety Regulators Gas and appliance – Gas Technical Regulators Committee Australia New Zealand The ACCC, in conjunction with state and territory offices of fair trading, is responsible for developing and enforcing mandatory consumer product safety standards except where the product falls into the jurisdiction of one of the specialist regulators mentioned above.

Inquiries​

Inquiry:	Terms:	Length:	Sector/Industry:

Productivity Commission

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Overview​

The Productivity Commission is the Australian Government's principal review and advisory body on microeconomic policy, regulation and a range of other social and environmental issues. The Productivity Commission was created as an independent authority by the Productivity Commission Act 1998, an Act of the Australian Parliament. Productivity Commission reports often form the basis of government policy. However, the Commission does not administer government programs or exercise executive power and governments are not required to act on its recommendations; although in practice, many recommendations are accepted. The Commission operates within the Treasury portfolio and its core function involves responding to references from the Treasurer, which can request a commissioned study or a public inquiry. References to the Commission stipulate the length and terms of the project and may cover any sector of the Australian economy; address a particular industry or cut across industry boundaries; and involve wider social or environmental issues. Most projects are specified for nine or twelve-month duration, although some may be six or fifteen months. Both studies and inquiries accept submissions from members of the public, although inquiries are additionally required (under the Act) to undertake formal public consultations. All reports are publicly released. In addition, the Commission acts as the secretariat to the intergovernmental Review of Government Service Provision, and produces annually the Report on Government Services, as well as regular reports that contribute to a better understanding of the effectiveness of government services provided to Aboriginal and Torres Strait Islander peoples. The Commission can undertake Commission-initiated research, and operates as the Australian Government's competitive neutrality complaints mechanism.

Inquiries​

Inquiry:	Terms:	Length:	Sector/Industry:

Studies​

Study:	Description:	Release Date:	Sector/Industry:

Commonwealth Grants Commission

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Overview​

The Commonwealth Grants Commission is an Australian independent statutory body that advises the Australian Government on financial assistance to the states and territories of Australia under section 96 of the Australian Constitution. The commission operates under the Commonwealth Grants Commission Act 1973, and is responsible for measuring the relative fiscal capacity of each state and territory. The Commission recommends how the revenues raised from the goods and services tax (GST) should be distributed to each state and territory to achieve horizontal fiscal equalisation, a central feature of the Australian federation.

Distribution of Funds 2004-05​

State/Territory:	Amount:	Population Share:	Share of GST:
New South Wales	$0	31.2%	0%
Victoria	$0	25.7%	0%
Queensland	$0	20.5%	0%
Western Australia	$0	10.8%	0%
South Australia	$0	6.9%	0%
Tasmania	$0	2.1%	0%
Australian Capital Territory	$0	1.8%	0%
Northern Territory	$0	0.9%	0%

Australian Office of Financial Management

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Overview​

The Australian Office of Financial Management (AOFM) is a part of the Department of the Treasury. It manages the Australian Government's debt portfolio. Its reports on debt management directed at ensuring that the Commonwealth debt portfolio is managed at least cost, subject to the Government's policies and risk references.

Debt:	Amount:	Interest Payable (per annum):	Value of Securities Issued:
Debt to World Bank:	$0	0%
Debt to Foreign Governments/Central Banks:	$0	0%
Debt to Private Companies:	$0	0%

Australian Government Securities​

Australian Government Securities (AGS) are issued by the Commonwealth of Australia through the AOFM. The AOFM issues three types of securities: Treasury Bonds; Treasury Indexed Bonds; and Treasury Notes. All AGS are denominated in Australian dollars and are issued by competitive tender into the primary (wholesale) market. Syndications are occasionally used to establish new bond maturities or to tap existing bond lines. AGS are exempt from non-resident interest withholding tax (IWT). Treasury Bonds are medium to long-term debt securities that carry an annual rate of interest fixed over the life of the security, payable semi-annually. Treasury Indexed Bonds are medium to long-term securities for which the capital value of the security is adjusted for movements in the Consumer Price Index (CPI). Interest is paid quarterly, at a fixed rate, on the adjusted capital value. At maturity, investors receive the adjusted capital value of the security – the value adjusted for movement in the CPI over the life of the bond. Treasury Notes are a short-term discount security redeemable at face value on maturity. Terms are less than twelve months. Treasury Notes are issued to assist with the Australian government’s short-term funding requirements.