The Department of Finance is a
department
Department may refer to:
* Departmentalization, division of a larger organization into parts with specific responsibility
Government and military
*Department (administrative division), a geographical and administrative division within a country, ...
of the
Government of Australia
The Australian Government, also known as the Commonwealth Government, is the national government of Australia, a federalism, federal parliamentary system, parliamentary constitutional monarchy. Like other Westminster system, Westminster-sty ...
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.
The administrative head of the department is the
Secretary
A secretary, administrative professional, administrative assistant, executive assistant, administrative officer, administrative support specialist, clerk, military assistant, management assistant, office secretary, or personal assistant is a w ...
of the Department of Finance, presently
Rosemary Huxtable, who reports to the
Federal Minister for Finance, presently Senator
Katy Gallagher
Katherine Ruth Gallagher (born 18 March 1970) is an Australian politician who has been serving as the Minister for Finance, Minister for Women, Minister for the Public Service and Vice-President of the Executive Council in the Albanese Gover ...
.
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
Treasurer
A treasurer is the person responsible for running the treasury of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance.
Government
The treasury o ...
has a wider range of powers and responsibilities than the Minister for Finance, who has a comparatively narrower portfolio.
The head office of the department is located at One Canberra Avenue, in the
Canberra
Canberra ( )
is the capital city of Australia. Founded following the federation of the colonies of Australia as the seat of government for the new nation, it is Australia's largest inland city and the eighth-largest city overall. The ci ...
suburb of
Forrest. Formerly, it was located in the John Gorton Building, named after
Australia's prime minister between 1968 and 1971.
History
The Department of Finance was formed by way of an
Administrative Arrangements Order issued on 18 September 2013
and replaced the functions previously performed by the former Department of Finance and Deregulation.
In an earlier reconstruction, the department was called the Department of Finance and Administration.
Preceding departments
*
Department of Finance (7 December 1976 – 9 October 1997)
*
Department of Administrative Services (30 January 1994 – 9 October 1997)
*
Department of Finance and Administration
The Department of Finance and Administration (also called DOFA) was an Australian government department tasked to contribute to sustainable Government finances; improved and more efficient Government operations; and efficiently functioning Parli ...
(9 October 1997 – 3 December 2007)
*
Department of Finance and Deregulation
The Australian Department of Finance and Deregulation was a Federal Government department that existed between December 2007 and September 2013. Its role was to help the Australian Government achieve its policy objectives by contributin ...
(3 December 2007 – 18 September 2013)
Operational activities
In the 18 September 2013 Administrative Arrangements Order, the functions of the department were broadly classified into the following matters:
* Budget policy advice and process, and review of governmental programs
* Government financial accountability, governance and financial management frameworks, including grants and 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 civilian employees and members of parliament 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
Defense or defence may refer to:
Tactical, martial, and political acts or groups
* Defense (military), forces primarily intended for warfare
* Civil defense, the organizing of civilians to deal with emergencies or enemy attacks
* Defense industr ...
Commonwealth property in Australia, including construction, major refurbishment, sustainability, acquisition, ownership and disposal of real property
* Electoral matters (through the
Australian Electoral Commission
The Australian Electoral Commission (AEC) is the independent federal agency in charge of organising, conducting and supervising federal Australian elections, by-elections and referendums.
Responsibilities
The AEC's main responsibility is to ...
)
* Administration of the Australian Government’s self-managed general insurance fund (Comcover)
* Government on-line delivery and information technology and communications management
* Policy advice on the
Future Fund
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other pu ...
and Nation-building Funds and authorisation of payments from the Nation-building Funds to Agencies
* Co-ordination of Government Advertising
* Official Establishments, ownership and property management of the Prime Minister's official residences
See also
*
Australian federal budget
An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal poli ...
*
Financial Management and Accountability Act
{{Use dmy dates, date=April 2022
The Financial Management and Accountability Act 1997 is an Australian Government Act about the proper management of public money and property.
It is administered by the Department of Finance and Deregulation
The A ...
*
List of Australian Commonwealth Government entities
*
Minister for Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
References
{{authority control
Finance
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
Australia
Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
Australia, Finance
2013 establishments in Australia
Government finances in Australia