TREASURY PORTFOLIO1
List of Australian Government Bodies and Governance Relationships as at 1 October 2009
TREASURY PORTFOLIO1
TREASURYPORTFOLIO
CATEGORY / NUMBER OF BODIESA. Departmental Bodies / 15
A1.Department of State / 1
A2.Functions with Distinct Branding / 1
A3.Ministerial Councils / 4
A4.Joint Commonwealth-State Bodies / 0
A5.International Bodies / 2
A6.Advisory Bodies / 7
B. Departmental Bodies Recognised in Legislation / 12
B1.Statutory Authorities, Statutory Committees and Royal Commissions / 9
B2.Statutory Office Holders / 2
B3.Business Operations / 1
C. Prescribed Agencies under the FMA Act / 14
D. Commonwealth Authorities under the CAC Act / 2
E. Statutory Corporations
(that are neither Commonwealth Authorities nor encompassed in an FMA Act Agency) / 0
F. Commonwealth Companies under the CAC Act / 1
F1.Limited by Guarantee / 0
F2.Limited by Shares / 1
G. Other Companies / 3
G1.Limited by Guarantee / 0
G2.Limited by Shares / 3
H. Other Entities / 1
H1.Partnerships and Joint Ventures / 0
H2.Incorporated Associations / 0
H3.Trusts / 1
TOTAL / 48
List of Australian Government Bodies and Governance Relationships as at 1 October 2009
TREASURY PORTFOLIO1
A. / A. DEPARTMENTAL BODIESA1. DEPARTMENT OF STATE
Department of the Treasury (the Department)
Creation Date: / 1901
Established By/Under: / Australian Constitution, also Administrative Arrangements Order
Annual Report Tabled: / Yes, section 63 of the Public Service Act 1999 (PS Act)
GFS Classification: / GGS
Materiality: / Material
ABN: / 92 802 414 793
Web Site: /
TheDepartment develops economic policy, taxation policy, oversees retirement income arrangements, regulates corporate practices, andprovides actuarial services to the Australian Government.
Departments of State are recognised under section 64 of the Constitution, the Administrative Arrangements Order, theFinancial Management and Accountability Act 1997 and the PSAct.
A. DEPARTMENTAL BODIES
A2. FUNCTIONS WITH DISTINCT BRANDING
Australian Government Actuary
Creation Date: / 11 April 2000
Annual Report Tabled: / No, but reports within the annual report of the Department
Web Site: /
The Australian Government Actuary provides actuarial and related policy advice primarily to Australian Government agencies to assist them to quantify risks and make informed decisions.
A. DEPARTMENTAL BODIES
A3. MINISTERIAL COUNCILS
Australian Loan Council
Creation Date: / December 1927
Constituted By: / Prime Minister as Chair and each State Premier and Territory Chief Minister (or their representatives). Current practice is for the Treasurers of each jurisdiction to constitute the Council (as the PrimeMinister’s, State Premiers’, and Chief Ministers’ representatives).
Annual Report Tabled: / No
Web Site: /
The current Loan Council arrangements, in place since 1July1993, operate on a voluntary basis and emphasise transparency of public sector financing. These arrangements are designed to enhance financial market scrutiny of public sector borrowing and facilitate informed judgments about each government’s financial performance.
The Loan Council traditionally meets annually to consider jurisdictions’ nominated borrowings for the forthcoming year. It has regard to each jurisdiction’s fiscal position and the macroeconomic implications of the aggregate figure.
Ministerial Council for Federal Financial Relations
Creation Date: / 1 July 1999
Established By/Under: / COAG Intergovernmental Agreement on Federal Financial Relations (Intergovernmental Agreement).
Constituted By: / Commonwealth Treasurer (Chair) and the Treasurers of each State and Territory (or designated representatives).
Annual Report Tabled: / No
Web Site: /
The Council oversees the operation of the Intergovernmental Agreement on behalf of COAG. It monitors the implementation of reforms to federal financial relations and compliance with the conditions governing the provision of assistance to first home owners. It oversees the operation of the Goods and Services Tax and a new National Performance Reporting System. It also reviews recommendations from the Commonwealth Grants Commission concerning GST revenue sharing relativities prior to the Commonwealth Treasurer making a determination. The Council was originally named the Ministerial Council for Commonwealth-State Financial Relations. It was renamed on 1January2009 pursuant to the Intergovernmental Agreement.
A. DEPARTMENTAL BODIES
Ministerial Council for Corporations
Creation Date: / 23 December 1997
Constituted By: / Commonwealth (Chair), State and Territory ministers responsible for laws governing corporations and financial services.
Annual Report Tabled: / No
Web Site: / No current web site available
The Council reviews proposed changes to Commonwealth legislation governing corporations and financial services. The Corporations Agreement between the Commonwealth, States and Territories provides that the Council must be consulted about, and in some cases approve, proposed legislative changes.
Ministerial Council on Consumer Affairs
Creation Date: / 1993
Constituted By: / Commonwealth, State, Territory and New Zealand Ministers responsible for fair trading, consumer protection and credit laws.
Annual Report Tabled: / No
Web Site: /
The Council reviews consumer affairs matters generally and seeks to develop uniform approaches (including uniform legislation).
A. DEPARTMENTAL BODIES
A5. INTERNATIONAL BODIES
Trans-Tasman Accounting and Auditing Standards Advisory Group (TTAASAG)
Creation Date: / 2004
Established By/Under: / Bilateral agreement
Constituted By: / 12 members, comprising representatives of government and professional organisations related to accounting and auditing standards within Australia and New Zealand. Australian Government organisations include the Financial Reporting Council (see Section B1), the Australian Accounting Standards Board and the Auditing and Assurance Standards Board (seeSection C for both).
Web Site: /
The Group advises the Australian and New Zealand accounting standard and oversight bodies, and the respective governments, on strategies to establish a single set of trans-Tasman accounting standards within the broader context of both jurisdictions’ objective of adopting international accounting standards and to maximise the influence of Australia and New Zealand in the development of international accounting standards and the international accounting standard setting process.
Trans-Tasman Council on Banking Supervision
Creation Date: / February 2005
Established By/Under: / Bilateral agreement
Constituted By: / Secretaries of the Australian and NewZealand Treasuries andofficials representing the Australian Prudential Regulation Authority, theReserveBank of Australia and the Reserve Bank of New Zealand.
Web Site: / No current web site available
The role of the Council is to promote a joint approach to trans-Tasman banking supervision that delivers a seamless regulatory environment.
A. DEPARTMENTAL BODIES
A6. ADVISORY BODIES
Board of Taxation
Creation Date: / 7 August 2000
Constituted By: / Up to 10 members, of whom 3 are ex officio ie, the Secretary of the Department, the Commissioner of Taxation (see Section C) and the First Parliamentary Counsel (see Section C of the Attorney-General’s portfolio). Other members, including the Chair, are appointed by the Treasurer from the private and public sectors.
Appointed By: / Treasurer
Annual Report Tabled: / No
Web Site: /
The Board advises the Treasurer on improving the general integrity and functioning of the taxation system and commissions research on taxation matters approved or referred to it by the Treasurer. TheBoard is supported by the Department.
Commonwealth Consumer Affairs Advisory Council
Creation Date: / 15 March 1999
Constituted By: / 9 members from both the private and public sectors
Appointed By: / Minister for Competition Policy and Consumer Affairs
Annual Report Tabled: / No
Web Site: /
The Council advises the Minister responsible for consumer affairs on issues affecting consumers. Its terms of reference require it to consider matters referred to it by the Minister, and also to identify, and inform the Minister on, emerging issues affecting Australian markets and consumers.
A. DEPARTMENTAL BODIES
Consumer Advisory Panel
Creation Date: / 1998
Constituted By: / 10 members
Appointed By: / Australian Securities and Investments Commission (ASIC)
Annual Report Tabled: / No
Web Site: /
The Panel is established by ASIC to advise it on current consumer protection issues and provide feedback on ASIC’s policies and activities. It also advises ASIC on key consumer research and education projects. The Panel’s members are selected to reflect a diverse range of consumer interests in the financial services sector and include representatives from consumer and investor organisations.
Council of Financial Regulators
Creation Date: / May 1998
Constituted By: / 8 members, comprising senior representatives of the Reserve Bank of Australia, the Department, theAustralian Prudential Regulation Authority and the Australian Securities and Investments Commission.
Appointed By: / Each of the agencies represented appoints 2 members
Annual Report Tabled: / No
Web Site: /
The Council’s purpose is to provide a high level forum to facilitate cooperation and collaboration among its members and to coordinate responses to potential threats to financial stability.
The Council also advises the Government on Australia’s financial system.
A. DEPARTMENTAL BODIES
Financial Sector Advisory Council
Creation Date: / 17 March 1998
Constituted By: / 13 members
Appointed By: / Treasurer
Annual Report Tabled: / No
Web Site: / No current web site available
The Council brings together a range of financial market participants to advise the Treasurer on maintaining an efficient, competitive and dynamic financial sector.
It also promotes dialogue between the private sector and the Commonwealth in support of the development and growth of Australia’s financial sector.
Foreign Investment Review Board (FIRB)
Creation Date: / April 1976
Constituted By: / 4 members, comprising the General Manager of the Department’s Foreign Investment and Trade Policy Division, and 3 other part-time members
Appointed By: / Treasurer
Annual Report Tabled: / Yes
Web Site: /
The Board is a non-statutory body responsible for advising the Treasurer on foreign investment policy and its administration.
Itexamines foreign investment proposals submitted under the ForeignAcquisitions and Takeovers Act 1975 and under Australia’s ‘Foreign Investment Policy’ (the latter being the second element of Australia’s foreign investment screening regime). The Board is supported by the Department.
A. DEPARTMENTAL BODIES
Steering Committee for the Review of Commonwealth/State Service Provision
Creation Date: / 5 July 1993
Constituted By: / Chaired by the Chair of the Productivity Commission. Other members comprise officials from the Department, the Department of the Prime Minister and Cabinet, the Department of Finance and Deregulation, theAustralian Bureau of Statistics, the Australian Institute for Health and Welfare and up to two officials from each State and Territory.
Appointed By: / Prime Minister (State and Territory members are nominated by the Premiers and Chief Ministers respectively)
Annual Report Tabled: / No
Web Site: /
The Committee’s purpose is to collect and publish data enabling ongoing comparisons of the efficiency and effectiveness of Commonwealth and State government services, including intragovernment services.
The Committee is supported by the staff of the Productivity Commission.
B. / B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
B1. STATUTORY AUTHORITIES, STATUTORY COMMITTEES AND ROYAL COMMISSIONS
Australian Competition Tribunal
Creation Date: / 1965, as the Trade Practices Tribunal, renamed the AustralianCompetition Tribunal from 6November1995
Established By/Under: / Trade Practices Act 1974, subsection 30(1)
Constituted By: / President and such number of Deputy Presidents and other members as are appointed. As at 1January2009 there were 4 Deputy Presidents and 10 members.
Appointed By: / Governor-General
Annual Report Tabled: / No
Web Site: /
The Tribunal is an independent statutory tribunal that hears applications for the authorisation of company mergers and acquisitions which would otherwise be prohibited under the Act.
The Tribunal also considers appeals on certain decisions of the Australian Competition and Consumer Commission (ACCC) (seeSectionC), including decisions to grant or refuse merger clearances, reviews of decisions under Part IIIA of the Act (nationalaccess regime), and other authorisation decisions made by the ACCC.
Australian Statistics Advisory Council
Creation Date: / 22 February 1977
Established By/Under: / Australian Bureau of Statistics Act 1975, section 17
Constituted By: / Chair, Australian Statistician and 10 to 22 other members
Appointed By: / Treasurer
Annual Report Tabled: / Yes, section 24 of the Australian Bureau of Statistics Act 1975
Web Site: /
The Council advises the Minister and the Australian Statistician on the improvement, extension and co-ordination of statistical services provided for public purposes in Australia, and also on the priorities and programs of work that should be adopted in relation to major aspects of the provision of those statistical services. The Treasurer and Australian Statistician may refer matters to the Council.
B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
Companies Auditors and Liquidators Disciplinary Board
Creation Date: / 24 May 1991
Established By/Under: / Australian Securities and Investments Commission Act 2001, section261 continues in existence the body established under section202 of the Australian Securities Commission Act 1989.
Constituted By: / 14 members comprising a Chair, Deputy Chair, 3 members selected by the Treasurer from a panel of 7 persons nominated by the Institute of Chartered Accountants in Australia, 3members selected by the Treasurer from a panel of 7 persons nominated by CPA Australia, and6persons as representatives of the business community.
Appointed By: / Treasurer
Annual Report Tabled: / Yes, section 214 of the Australian Securities and Investments Commission Act 2001
Web Site: /
The Board receives and reviews applications from the Australian Securities and Investments Commission (ASIC) (refer Section C) or the Australian Prudential Regulation Authority (APRA) (refer Section C) about the conduct of registered company auditors and liquidators.
Under section 1292 of the Corporations Act 2001 and sections203 to 223 of the Australian Securities and Investments Commission Act 2001, the Board is authorised to cancel or suspend, admonish, or reprimand, registered auditors and liquidators, and/or require them to give an undertaking.
B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
Development Allowance Authority
Creation Date: / 30 June 1992
Established By/Under: / Development Allowance Authority Act 1992, section 94
Constituted By: / Single statutory office holder
Appointed By: / Governor-General
Annual Report Tabled: / Yes, section 117 of the Development Allowance Authority Act 1992
Web Site: /
The Authority administers two investment incentive schemes designed to make the Australian economy more internationally competitive – the Development Allowance Scheme and the Infrastructure Borrowings Tax Offset Scheme.
The Development Allowance Scheme provides a tax deduction of 10% of the value of an eligible investment, in addition to depreciation.
Toqualify for the Development Allowance, eligible property must have been first used or installed ready for use before 1July2002.
The Infrastructure Borrowings Tax Offset Scheme provides a tax rebate for approved infrastructure to the resident infrastructure lenders. In return, the borrower has lower finance costs (in the form of lower interest rates or other benefits) and forgoes tax deductions on interest payments associated with the loan.
Noapplications have been called for since the Treasurer’s announcement in the 2004 Federal Budget that the schemes were being phased out.
As at 1 January 2009 the Commissioner of Taxation held this office.
B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
Financial Reporting Council
Creation Date: / 1 January 2000
Established By/Under: / Australian Securities and Investments Commission Act 2001, section261 continues in existence the body established by section 225 of the Australian Securities Commission Act1989.
Constituted By: / 16 members
Appointed By: / Treasurer
Annual Report Tabled: / Yes, section 235B of the Australian Securities and Investments Commission Act 2001
Web Site: /
The Council oversees the process for setting accounting and auditing standards, as well as monitoring the effectiveness of auditor independence requirements in Australia, and gives the Treasurer reports and advice on these matters.
It also appoints members (other than the Chairs, who are appointed by the Treasurer) of the Australian Accounting Standards Board (AASB) (refer Section C) and the Australian Auditing and Assurance Standards Board (AUASB) (refer SectionC). It also approves and monitors AASB and AUASB priorities, business plans, budgets and staffing arrangements and determines their broad strategic direction.
Financial Reporting Panel
Creation Date: / 1 January 2005
Established By/Under: / Australian Securities and Investments Commission Act 2001, section239AA
Constituted By: / Not fewer than 5 members
Appointed By: / Treasurer
Annual Report Tabled: / Yes, section 239AM of the Australian Securities and Investments Commission Act 2001
Web Site: /
The Panel is an alternative dispute resolution body in relation to the treatment of accounting standards. It is an independent third party mechanism, which alleviates the Australian Securities and Investments Commission (ASIC) (refer Section C) from initiating court proceedings whenever a dispute regarding the application of accounting standards arises between a company and ASIC. The Panel is a peer review body currently consisting of parttime members (the Act provides they may be appointed on a full or part-time basis) from the business and accounting community.
B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
Superannuation Complaints Tribunal
Creation Date: / 1 July 1994
Established By/Under: / Superannuation (Resolutions of Complaints) Act 1993, section 6.
Constituted By: / Chair, Deputy Chair, and at least 7 other members
Appointed By: / Governor-General appoints the Chair and the Deputy Chair, theTreasurer appoints the other members.
Annual Report Tabled: / Yes, section 67 of the Superannuation (Resolutions of Complaints) Act1993
Web Site: /
The Tribunal reviews complaints about superannuation funds, annuities, deferred annuities, and retirement savings accounts.
Takeovers Panel
Creation Date: / 1 January 1991
Established By/Under: / Australian Securities and Investments Commission Act 2001, section261
Constituted By: / 5 members
Appointed By: / Governor-General
Annual Report Tabled: / Yes, section 183 of the Australian Securities and Investments Commission Act 2001
Web Site: /
The Panel is the primary forum for resolving disputes relating to takeover bids within the bid period. It is a peer review body, comprising active members of Australia's takeovers and business communities and has a fulltime executive panel based in Melbourne.
The Panel has the power to make orders to protect the rights of persons (especially target company shareholders) during a takeover bid.
B. DEPARTMENTAL BODIES RECOGNISED IN LEGISLATION
Tax Agents’ Boards
Creation Date: / 1943
Established By/Under: / Income Tax Assessment Act 1936, section 251C provides that there shall be a Tax Agents’ Board in each State.
Constituted By: / 3 members (one of whom is an official of the Australian Taxation Office)
Appointed By: / Assistant Treasurer
Annual Report Tabled: / No
Web Site: /
The Tax Agents’ Boards are six independent non-statutory bodies established under Part VIIA of the Income Tax Assessment Act 1936in each of the States (the New South Wales and South Australian Boards are also responsible for the Australian Capital Territory and the Northern Territory respectively).