[Australia]: Department of Finance Media Centre

[Owen]

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Overview​

The Department of Finance is a department of the Government of Australia that is charged with the responsibility of assisting the government across a wide range of policy areas to ensure its outcomes are met, particularly with regard to expenditure, financial management, and the operations of government. Unlike in many countries, Australia's Department of Finance does not deal with general economic policy, which is the responsibility of the Department of the Treasury. The portfolio also includes government agencies such as the Future Fund Management Agency, Australian Electoral Commission, Digital Transformation Agency, Commonwealth Superannuation Corporation, COMCAR, Independent Parliamentary Expenses Authority, Parliamentary Workplace Support Service, the Office of the National Data Commissioner along with Government Business Enterprises: Australian Submarine Corporation Pty Ltd, Australian Naval Infrastructure Pty Ltd and CEA Technologies Pty Ltd. The functions of the department are broadly classified into the following matters as laid out in an Administrative Arrangements Order: Budget policy advice and process, and review of governmental programmes Government financial accountability, efficiency, governance and financial management frameworks, including grants and procurement policy and services (excluding information and communications technology procurement policy and services) Shareholder advice on Government Business Enterprises (GBEs) and commercial entities treated as GBEs General policy guidelines for Commonwealth statutory authorities Superannuation arrangements for Australian Government employees, members of parliament and Defence Force personnel and retirement benefits for Federal Judges and Governors-General Asset sales Commonwealth property policy framework, legislation and policy for the management of property leased or owned by the Commonwealth, including acquisition, disposal and management of property interests Management of non-Defence Commonwealth property in Australia, including construction, major refurbishment, sustainability, acquisition, ownership and disposal of real property, such as Centres for National Resilience and Commonwealth Parliament Offices Electoral matters Administration of Parliamentarians' work expenses Administration of the Australian Government's self-managed general insurance fund (Comcover) Policy advice on the Future Fund, Nation-building Funds and the DisabilityCare Australia Fund; and authorisation of payments from the Nation-building Funds and the DisabilityCare Australia Fund recommended by relevant Agencies Co-ordination of Government Advertising Public data policy and related matters Whole of government information and communications technology Information and communications technology procurement policy and services Whole of government regulatory policy, practice and performance Whole of government data and digital policy coordination

 

[Owen]

CHANGES TO SUPERANNUATION ARRANGEMENTS FOR DEFENCE FORCE MEMBERS​

4 April 2007

Starting on the 1st of July 2007, the superannuation arrangements for Defence Force members will be changing. On the 30th of June, the Military Superannuation and Benefits Scheme (MilitarySuper) will be closed to new members. From the 1st of July, all new ADF members (and those who voluntarily sign up from prior to this date) will become members of the Australian Defence Force Superannuation Scheme (ADF Super) and the Australian Defence Force Cover Scheme (ADF Cover). ADF Super will be a hybrid fund, providing both Accumulation and Defined Benefits. This means that a member's Member Benefit and Ancillary Benefit (if applicable) is based on contributions into the fund, plus investment earnings, and your Employer Benefit is determined by a formula. ADF Cover has been established to meet the requirement for death and invalidity cover for new members of the ADF. ADF Super members will be covered under this statutory scheme, as will members who could have been ADF Super members but for choosing another fund into which the Department's employer contributions are to be paid. ADF Super and ADF Cover will both be administered by the Commonwealth Superannuation Corporation.