Treasury Reform & Policy Modernisation

Strengthening Australia’s economic sovereignty, fiscal resilience, and public trust in financial governance

The Treasury portfolio is being restructured to deliver transparent economic policy, fair taxation, sovereign investment rules, and long‑term fiscal sustainability. This reform program integrates legislative change, operational efficiency, and cross‑portfolio coordination to ensure Treasury serves the national interest — not bureaucracy or foreign influence.

 

Services

Basic

AMEND — Treasury‑wide

  • Charter of Budget Honesty Act 1998

    • Strengthen long‑term fiscal sustainability tests

    • Require transparent economic assumptions and scenario modelling

  • Public Governance, Performance and Accountability Act 2013

    • Align fiscal rules with debt and deficit limits

    • Require Treasury‑certified fiscal impact statements for major reforms

  • Financial Management and Accountability Act 1997

    • Tighten rules on contingent liabilities and guarantees

    • Mandate whole‑of‑government fiscal risk reporting

Professional

REMOVE — Treasury‑wide

  • Legacy economic programs and funds

    • Remove outdated stimulus and industry schemes no longer delivering value

    • Sunset legacy “set and forget” programs with no current evaluation

  • Redundant advisory bodies

    • Abolish overlapping economic councils and committees where functions are duplicated in Treasury or Finance

 

Business

CREATE — Treasury‑wide

  • Sovereign Economic Resilience Act

    • Embed economic sovereignty, supply‑chain security, and strategic industry tests into core policy design

  • National Productivity & Innovation Act

    • Legislate a national productivity agenda, including skills, technology, and regulatory reform benchmarks

Economic policy & fiscal strategy

AMEND

  • Charter of Budget Honesty Act 1998

    • Require independent long‑term fiscal projections

    • Mandate publication of intergenerational and structural balance metrics

  • Loan Council & borrowing frameworks

    • Tighten sub‑national borrowing rules and transparency

REMOVE

  • Automatic continuation of temporary fiscal measures beyond their intended horizon.

CREATE

  • Long‑Term Fiscal Sustainability Framework

    • Statutory rules for debt anchors, deficit limits, and shock buffers

Taxation & revenue

AMEND

  • Income Tax Assessment Acts (1936 & 1997)

    • Simplify and consolidate provisions

    • Close aggressive avoidance and profit‑shifting loopholes

  • Goods and Services Tax (GST) legislation

    • Modernise base to reflect digital economy

    • Clarify cross‑border and platform obligations

REMOVE

  • Obsolete tax concessions and carve‑outs that distort competition and deliver poor value.

CREATE

  • Fair Tax & Simpler System Act

    • Codify principles of simplicity, fairness, and integrity

    • Require regular public reviews of major concessions

Foreign investment & capital flows

AMEND

  • Foreign Acquisitions and Takeovers Act 1975

    • Strengthen national interest and national security tests

    • Tighten scrutiny of critical infrastructure, data, and strategic assets

  • Foreign Investment Review Board (FIRB) regulations

    • Shorten decision timelines but increase transparency and conditions reporting

REMOVE

  • Low‑scrutiny thresholds for sensitive sectors (e.g. critical minerals, energy, defence‑adjacent assets).

CREATE

  • Sovereign Investment & Strategic Assets Act

    • Define “strategic assets” and mandatory conditions for foreign ownership

    • Require ongoing monitoring and enforcement powers

 

Financial systems & markets

AMEND

  • Corporations Act 2001

    • Strengthen director duties around systemic risk and financial stability

    • Enhance disclosure for complex financial products

  • Australian Securities and Investments Commission Act 2001

    • Expand ASIC’s powers for market misconduct and consumer protection

  • Banking Act 1959 / Insurance Act 1973 / Life Insurance Act 1995

    • Align prudential standards with updated APRA frameworks

REMOVE

  • Legacy exemptions and carve‑outs for certain financial products and entities that undermine consumer protection.

CREATE

  • Financial System Stability & Consumer Protection Act

    • Consolidate key consumer protections and systemic risk tools

    • Mandate regular system‑wide stress testing and public reporting

 

Productivity, industry & innovation

AMEND

  • Industry and innovation‑related tax and grant legislation

    • Tie incentives to measurable productivity and innovation outcomes

  • Competition and Consumer Act 2010

    • Strengthen anti‑cartel, anti‑concentration, and pro‑competition tools

REMOVE

  • Ineffective industry assistance schemes with poor productivity outcomes.

CREATE

  • National Productivity & Innovation Act

    • Set national productivity targets

    • Link skills, R&D, digital adoption, and regulatory reform into one framework

 

Retirement income & superannuation

AMEND

  • Superannuation Industry (Supervision) Act 1993

    • Tighten governance and transparency requirements

    • Strengthen best‑interest and fee‑integrity rules

  • Age Pension and related income support legislation

    • Better integrate pension and superannuation settings for long‑term sustainability

REMOVE

  • Legacy super tax settings that favour complexity over fairness and sustainability.

CREATE

  • Retirement Income Sustainability Act

    • Codify principles for adequacy, fairness, and fiscal sustainability

    • Require periodic independent reviews of the retirement income system

Business Operations

AMEND

  • Charter of Budget Honesty Act 1998

    • Strengthen long‑term fiscal sustainability tests

    • Require transparent economic assumptions and scenario modelling

  • PGPA Act 2013

    • Align fiscal rules with debt and deficit limits

    • Require Treasury‑certified fiscal impact statements

  • Financial Management & Accountability Act 1997

    • Tighten rules on contingent liabilities

    • Mandate whole‑of‑government fiscal risk reporting

 

REMOVE

  • Legacy economic programs with no measurable outcomes

  • Redundant advisory bodies duplicating Treasury functions

  • Outdated tax concessions that distort competition

 

CREATE

  • Sovereign Economic Resilience Act

  • National Productivity & Innovation Act

  • Strategic Industry & Capital Flows Act

Beyond the ordinary

This is where our journey begins. Get to know our business and what we do, and how we're committed to quality and great service. Join us as we grow and succeed together. We're glad you're here to be a part of our story.

TREASURY BUSINESS OPERATIONS — BULLET VERSION

🔹 GOVERNANCE & REFORM

Purpose: Ensure strong internal governance, cross‑portfolio alignment, and reform compliance. Functions:

  • Internal governance frameworks

  • Fiscal oversight and risk management

  • Cross‑portfolio coordination (Finance, PM&C, Industry)

  • Internal audit and compliance

  • Operational policy alignment Reform Priorities:

  • Strengthen PGPA compliance

  • Treasury‑wide performance benchmarks

  • Consolidate governance committees

🔹 DIGITAL TRANSFORMATION

Purpose: Modernise Treasury’s data, modelling, and systems. Functions:

  • Data architecture and integration

  • Digital-first workflows

  • Treasury modelling platforms

  • Secure information systems

  • Cloud and analytics capability Reform Priorities:

  • Treasury Digital Transformation & Data Act

  • Unified modelling platform

  • Real-time reporting and dashboards

🔹 WORKFORCE CAPABILITY

Purpose: Build a high-performing, specialist Treasury workforce. Functions:

  • Workforce planning

  • Skills development and training

  • Specialist recruitment pathways

  • Performance-based roles

  • Leadership and capability uplift Reform Priorities:

  • Treasury Workforce Capability & Skills Act

  • APS mobility and specialist streams

  • Capability uplift in economics, modelling, and digital

🔹 INTERNAL EFFICIENCY

Purpose: Streamline operations to reduce cost, duplication, and admin burden. Functions:

  • Process optimisation

  • Reporting simplification

  • Internal service delivery

  • Operational risk management

  • Treasury-wide efficiency programs Reform Priorities:

  • Remove legacy manual processes

  • Consolidate duplicated operational units

  • Introduce Treasury Efficiency Framework

🔷 CENTRAL HUB — TREASURY CORE OPERATIONS

Role: Connect and coordinate all quadrants. Responsibilities:

  • Portfolio-wide operational coordination

  • Treasury-wide performance monitoring

  • Internal service delivery

  • Strategic operational planning

  • Support for all Treasury sub‑departments

 

BUSINESS OPERATIONS (NEW SUB‑DEPARTMENT)

Treasury’s internal engine room — operational governance, digital systems, workforce capability, and cross‑portfolio coordination.

This aligns Treasury with your PM&C Business Operations model.

 

AMEND

  • Public Service Act 1999

    • Enable Treasury‑specific workforce mobility

    • Introduce performance‑based operational roles

    • Mandate duplication removal across Treasury divisions

  • PGPA Act 2013

    • Require Treasury‑wide operational efficiency benchmarks

    • Strengthen internal audit and reporting obligations

 

REMOVE

  • Legacy internal committees and duplicated operational units

  • Outdated manual reporting systems

  • Redundant administrative processes that slow fiscal and economic work

 

CREATE

  • Treasury Business Operations Governance Framework

    • Defines operational standards, digital systems, and workforce capability

    • Establishes Treasury‑wide service delivery benchmarks

  • Treasury Digital Transformation & Data Act

    • Mandates digital-first operations

    • Creates unified data architecture for modelling, forecasting, and reporting

  • Treasury Workforce Capability & Skills Act

    • Codifies training, capability uplift, and specialist recruitment pathways

WHAT THIS ACHIEVES

Adding Business Operations gives Treasury:

  • A unified operational backbone

  • Workforce reform authority

  • Digital transformation mandate

  • Internal efficiency and governance structure

  • Alignment with PM&C, Finance, Industry, Defence, Home Affairs

This now completes the Treasury legislative reform architecture.