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NSW Treasury Brief (472 KB)
Treasury Organisation Structure
Treasurer
Secretary
NSW Treasury
Office of Financial Management
Budget and Financial Management
Fiscal and Economic
Commercial Management
Expenditure Review
Economic, Environment and Communities
Human and Social
The Office of Financial Management (OFM) is the arm of NSW Treasury that advises the Treasurer and Special Minister of State and the NSW Government on the State's financial management policy and reporting, and on economic conditions and issues.
NSW Treasury and the new Treasury Cluster
From 1 July 2009 the Government established a Treasury Cluster of agencies. The bodies listed below are constituted under their own legislation and form a cluster rather than an amalgamated agency.
- WorkCover Authority
- Workers’ Compensation (Dust Diseases) Board
- Motor Accidents Authority
- Lifetime Care and Support Authority
- Building & Construction Industry Long Service Payments Corporation
- SAS Trustee Corporation
- TCorp
- Superannuation Administration Corp
- some remaining elements of Lotteries following its sale to the Tatts Group
Office of Financial Management
Organisation Chart
Directorate Functions
Corporate Directorate
- Manages delivery of corporate services including corporate planning and risk management, corporate finance, human resources, communication, information technology and records management.
Human and Social Directorate
Sectors monitored – Health; Human Services; Education and Training; Justice Police and Emergency.
Advice on the Efficiency & Effectiveness of General Government Agencies
- Monitoring and advising on the performance of agencies
- Budget formulation and assessment of agency proposals
- Negotiating and integrating RSPs into the Budget process
- Conducting strategic reviews
- Developing, supporting and implementing reforms
Economic, Environment and Communities Directorate
Sectors monitored – Transport and Planning; Government Services and Community;Environment, Climate, Energy and Water.
Advice on the Efficiency & Effectiveness of General Government Agencies
- Monitoring and advising on the performance of agencies
- Budget formulation and assessment of agency proposals
- Negotiating and integrating RSPs into the Budget process
- Conducting strategic reviews
- Developing, supporting and implementing reforms
Expenditure Review Directorate
Better Services and Value Plan Support and Implementation
- Introduction to Expenditure Review
- Monitoring public sector wages outcomes
- Undertaking line-by-line reviews of General Government agencies
- Undertaking reviews of State Owned Corporations
- Conducting whole-of-government strategic value-for-money reviews
Commercial Management Directorate
Public Sector Management Systems
- Refining and implementing the Commercial Policy Framework that applies to Government businesses
Advice on the Efficiency & Effectiveness of Public Sector Commercial Agencies
- Monitoring and advising on the performance of NSW Government businesses
- Negotiating annual performance agreements (SCIs and SBIs)
- Developing, supporting and implementing reforms
- Developing policy and supporting implementation of Privately Financed Projects
- Assessing and monitoring major capital project proposals
- Monitoring compliance with agreements on projects with major Government risk
Advice on Property and Procurement Policy
- Implementing procurement policy and supporting agency compliance
- Advising on property purchase, disposal and management policy; supporting the Government Asset Management Committee
Fiscal and Economic Directorate
Advice on Economic & Fiscal Strategies
- Recommending an appropriate fiscal strategy
- Recommending infrastructure strategy
- Recommending appropriate microeconomic reforms
- Advising on fiscal implications of industrial relations
- Advising on competition and regulatory policy, industry reviews, IPART, Productivity Commission, industry and business assistance
- Facilitating implementation of the COAG reform program
- Recommending tax and revenue policy
- Forecasting economic variables (tax receipts, interest rates, etc)
- Participating in inter-governmental relations (including review of CGC assessment methods)
Budget and Financial Management Directorate
Budget Management- Managing and coordinating the State Budget process
- Managing State Budget aggregates
- Coordinating Budget Papers preparation
- In year monitoring, control and reporting on the State’s finances
- Preparing the State Sector Accounts
Infrastructure Capital Management
- Implementing asset management policy and supporting agency compliance
- Developing and implementing strategic capital reform
- Coordinating the State's Infrastructure Strategy
Public Sector Management Systems
- Refining and implementing the General Government Sector Financial Management Framework
- Managing financial legislation and supporting Directions and Guidelines
- Advising on and implementing appropriate accounting policies and disclosures
Financial Asset & Liability Management
- Setting objectives and monitoring management performance for the Crown financial asset portfolio; debt portfolio; and Treasury Banking System
- Advising on management of financial risks
- Advising on insurance and superannuation liability policy issues
- Overseeing self-insurance arrangements; monitoring manager's performance
- Accounting for the Crown Entity
OFM Strategies
OFM applies a number of strategies to ensure State financial and economic management outcomes.
The State Fiscal Strategy is the key component of the NSW Treasury’s strategic management framework to ensure the strength of NSW's financial position. The Fiscal Strategy encompasses a number of principles and targets, such as reducing the level of net financial liabilities as a share of Gross State Product, and maintaining a net operating surplus sufficient to meet the net financial liabilities target. The Government’s Fiscal Strategy was updated in 2005 to incorporate new fiscal targets. The changes were enshrined in the Fiscal Responsibility Act 2005.
Financial Management Framework
The implementation of a financial management framework and its various elements is the major mechanism to improve the outcomes for the community from Government programme and service delivery.Strengthening the commercial policy framework that applies to Government businesses maximises the value of these businesses, and ensures an appropriate return on the Government's investment in them. It is a key strategy to strengthen the State's finances.
Microeconomic Reform
OFM's microeconomic reform strategy aims at productivity improvement not only within government, but also the broader economy. The former is pursued by periodic review of service delivery and associated funding for key sectors. Implementation of the National Reform Agenda including competition policy contributes to the latter.
State Balance Sheet Management
State balance sheet management aims to ensure an optimal State's balance sheet structure that will allow the State to maintain the level of services throughout economic cycles. Effective application of the fiscal strategy will enhance the achievement of this objective.
Organisation Development
Organisation development focuses on the skills of treasury people and their ability to work together as a team and in partnership with other agencies. This strategy underpins the other elements of OFM's Strategic Management Framework.
Treasury Cluster Bodies
- WorkCover NSW is part of the Compensation Authorities Staff Division (CASD). The Division was formed as part of the NSW Government's creation of Principal Agencies in July 2009.
- The CASD group sits within the Treasury portfolio. Other agencies in the CASD group are:
- Dust Diseases Board
- Lifetime Care & Support Authority
- Long Service Payments Corporation
- Motor Accidents Authority
- Lisa Hunt, Chief Executive Officer of WorkCover NSW is also the Chief Executive Officer of CASD.
- All CASD agencies report to the Minister for Finance, with the Long Service Payments Corporation reporting to the Minister for Industrial Relations.
- WorkCover has its own board of which the CEO is an ex officio member.
- WorkCover’s purpose is to increase the competitiveness of the NSW economy through productive, healthy and safe workplaces.
- WorkCover administers work health and safety, injury management, return to work and workers compensation laws and manages the workers compensation system.
- WorkCover oversee:
- work health and safety
- licensing and registration of high risk activities
- workers compensation insurance
- workers compensation benefits
- sustainable return to employment for injured workers
- management of the Workers Compensation Insurance Fund.
Workers’ Compensation (Dust Diseases) Board
- The Dust Diseases Board's statutory function is to administer the Workers' Compensation (Dust Diseases) Act 1942.
- The Board is subject to the direction of the Minister for Finance, through whom it reports annually to the New South Wales Parliament.
- The Board has exclusive jurisdiction to determine all matters in respect of a claim for compensation including questions of identity, dependency and fact of disablement and whether an award should be made. The Act does not allow legal representation before the Board.
- A worker or dependant of a deceased worker affected by a decision of the Board in relation to a claim for compensation under the Act may appeal against the decision to the District Court of New South Wales.
- Under the Act, the Board is required to:
- Determine eligibility and award compensation to workers and dependants of deceased workers
- Administer the Workers' Compensation (Dust Diseases) Board Fund and pay all monies for compensation awards and costs of administering the Act including operating expenses of the Dust Diseases Tribunal
- Administer the trust funds held on behalf of dependants of deceased workers
- The Motor Accidents Authority (MAA) of NSW is a statutory corporation that regulates the compulsory third party personal injury insurance scheme for motor vehicles registered in NSW.
- CTP motor vehicle insurance is compulsory in all Australian States and Territories and is designed to ensure that compensation is available to those who are injured in motor vehicle accidents.
- The MAA is funded by a levy on CTP premiums. It was initially established by the NSW Parliament under the Motor Accidents Act 1988. The scheme was amended by the Motor Accidents Compensation Act 1999.
- The purpose of the MAC Act was to lower the price of CTP premiums for the majority of NSW motorists, to reduce the level of litigation in resolving claims and to ensure that medical treatment for injured people occurs promptly and cost-effectively.
Lifetime Care and Support Authority
- The Lifetime Care and Support Authority provides reasonable and necessary treatment, rehabilitation and care as it is needed throughout the person's life.
- The Authority is responsible for the administration of the Lifetime Care and Support Scheme which includes developing and implementing processes, policies and guidelines.
- The Authority's role is to ensure the Scheme:
- meets participants needs
- provides quality services
- is affordable
- is prudently managed
- The Lifetime Care & Support Scheme is established under the Motor Accidents (Lifetime Care and Support) Act 2006.
- The Act outlines the support available under the Scheme and the role of the Lifetime Care and Support Authority.
Building & Construction Industry Long Service Payments Corporation
- The Long Service payments scheme provides a portable long service benefit for eligible workers in the building and construction industry in NSW.
- The scheme began in February 1975. It was administered by the then Builders Licensing Board until 1982, when the Long Service Payments Corporation was formed.
- All benefits and requirements are determined by the Building and Construction Industry Long Service Payments Act 1986.
- The portable scheme allows eligible workers in the industry to work for different employers or as subcontractors in the industry and qualify for a long service benefit that is paid for by the industry through a levy on building and construction work in NSW.
- The levy is collected by the Corporation and its agents and is invested in accordance with NSW Treasury requirements until required to fund long service payments.
- The SAS Trustee Corporation (STC) is the Trustee of the group of closed NSW public sector superannuation schemes, the State Authorities Superannuation Scheme (SASS), the State Superannuation Scheme (SSS), the Police Superannuation Scheme (PSS) and the State Authorities Non-contributory Superannuation Scheme (SANCS).
- The combined assets of these schemes are known as the Pooled Fund. STC holds all assets of the Pooled Fund in trust.
- The functions of the Trustee Board include the administration of the schemes, the determination of disputes, payment of benefits, and the investment and management of funds.
- New South Wales Treasury Corporation (TCorp) is the central borrowing authority for NSW.
- In addition to TCorp’s role as the central financing authority for the State, TCorp is also a manager of asset and liability portfolios on behalf of clients, providing financial risk management and investment management services to the NSW Government and its constituent businesses.
- TCorp is an active participant in domestic and international capital markets. With loans to its public sector clients increasing over the last financial year, it also undertakes the management of debt portfolios for public sector clients, including considerable portfolios in the energy, roads, transport, ports and water sectors, reflecting increased funding for infrastructure.
- TCorp’s lending to the Government and its commercial businesses is funded through the issuance of bonds in debt capital markets.
- The Treasury Corporation Act 1983 establishes TCorpas the central financing authority for the New South Wales public sector. Under this act, TCorp’s principal objective is “to provide financial services for, or for the benefit of, the NSW government, public authorities and other public bodies”.
- The Public Authorities (Financial Arrangements) Act 1987 provides for TCorp to borrow, invest and undertake financial management transactions.
- The Public Finance and Audit Act 1983 provides the requirements for TCorp’s annual reporting.
Superannuation Administration Corporation
(Trading as Pillar Administration )
- The Corporation’s principal functions are the development, promotion and conduct of its business of providing superannuation scheme administration services and related services, in both the public and private sectors. It administers public sector superannuation schemes and private sector schemes.
- The Corporation was established as a statutory State owned corporation under the Superannuation Administration Authority Corporatisation Act 1999 and came into existence in July 1999.
