Title page

Contents

Letter of Transmittal 4

Introduction and guide to the report 15

Part 1 - Overview 16

Secretary's review 18

Overview 18

Our work in 2023-24 19

People and performance 22

The year ahead 23

Departmental overview 24

Portfolio overview 28

Portfolio ministers 28

Part 2 - Report on performance 32

Annual Performance Statements 2023-24 34

Statement of preparation 34

Treasury's purpose 35

Treasury's outcome 35

Results and analysis 36

Analysis of performance against Treasury's purpose 36

Performance summary 2023-24 39

Key activity 1 - Treasury's policy advice and analysis is impactful, informed and influential 43

Key activity 2 - Treasury's implementation of policies and regulation supports Australia's economy and national interest 57

Key activity 3 - Treasury's external engagements enable implementation of the Government's economic and fiscal agenda 79

Financial performance 87

Departmental resourcing 87

Administered resourcing 88

Resource tables 88

Part 3 - Management and accountability 94

Corporate governance 96

Governance committees 96

Consultation committees 101

Risk management 101

Internal audit arrangements 102

Integrity and ethical standards 102

Significant non‑compliance issues with finance law 102

External scrutiny 103

External audit 103

Our people 104

Performance management 104

Learning and development 104

Staffing information 105

Workplace relations 115

Asset management 118

Procurement 119

Performance against the Commonwealth Procurement Rules 119

Exempt contracts 119

Australian National Audit Office access clauses 119

Consultants and non‑consultants 121

Executive remuneration 123

Introduction 123

Remuneration policies and practices 123

Key management personnel 123

Part 4 - Financial statements 128

Independent auditor's report 130

Statement by the Secretary and Chief Finance Officer 134

Statement of Comprehensive Income for the period ended 30 June 2024 135

Statement of Financial Position as at 30 June 2024 136

Statement of Changes in Equity for the period ended 30 June 2024 137

Cash Flow Statement for the period ended 30 June 2024 138

Budget Variance Reporting for the period ended 30 June 2024 139

Administered Schedule of Comprehensive Income for the period ended 30 June 2024 140

Administered Schedule of Assets and Liabilities as at 30 June 2024 141

Administered Reconciliation Schedule for the period ended 30 June 2024 142

Administered Cash Flow Statement for the period ended 30 June 2024 143

Budget Variance Reporting for the period ended 30 June 2024 144

Notes to and forming part of the financial statements 145

Overview 146

1. Departmental Financial Performance 148

1.1. Expenses 148

1.2. Own-Source Revenue and Gains 150

2. Departmental Financial Position 153

2.1. Financial Assets 153

2.2. Non-Financial Assets 154

2.3. Interest Bearing Liabilities 157

2.4. Other Provisions 157

3. People and relationships 158

3.1. Employee Provisions 158

3.2. Key Management Personnel Remuneration 159

3.3. Related Party Disclosures 159

4. Income and Expenses Administered on Behalf of Government 160

4.1. Administered - Expenses 160

4.2. Administered - Income 164

5. Assets and Liabilities Administered on Behalf of Government 167

5.1. Administered - Financial Assets 167

5.2. Administered - Payables 173

5.3. Administered - Financial Liabilities 175

5.4. Administered - Provisions 176

6. Funding 178

6.1. Appropriations 178

6.2. Special Accounts 183

6.3. Net Cash Appropriation Arrangements 185

7. Managing uncertainties 186

7.1. Departmental Contingent Assets and Liabilities 186

7.2. Administered Contingent Assets and Liabilities 186

7.3. Financial Instruments 190

7.4. Administered - Financial Instruments 192

7.5. Fair Value Measurement 198

7.6. Administered - Fair Value Measurement 199

8. Other Information 201

8.1. Current/Non-current Distinction for Assets and Liabilities 201

Part 5 - Appendices 203

Methodology for the Annual Stakeholder Survey 206

Fieldwork and data collection 206

Sample selection 206

Performance measure calculation methodology 209

Advertising and market research 211

Grants 213

Information publication scheme 213

Work health and safety 214

Disability reporting 216

Annual child safety statement of compliance 217

Ecologically sustainable development and environmental performance 218

Commonwealth Climate Disclosure 219

Australia and the international financial institutions 224

Australia and the International Monetary Fund 224

Australia and the World Bank 232

Foreign investment 236

Foreign investment policy developments 236

Foreign investment framework and regulation 237

Review of foreign investment review proposals 237

Treasury foreign investment compliance activities 243

Australian Taxation Office's compliance activities 245

Foreign investment digital transformation 247

The Foreign Investment Review Board 247

Foreign Investment Review Board membership 248

Payment Times Reporting 251

Payment Times Reporting Scheme 251

The Payment Times Reporting Regulator 252

Operation of the scheme 252

Payment Times Reports Register 253

Stakeholder engagement 253

Payment Times compliance 254

Australian Small Business and Family Enterprise Ombudsman 255

Advocacy 257

Assistance 258

Data Standards 260

Australian National Contact Point for Responsible Business Conduct 261

Information correcting the record 262

Abbreviations and acronyms 263

Glossary 264

List of requirements 268

Commonwealth Climate Disclosures pilot index 278

Index 279

Table 1. Ministerial acting arrangements during 2023-24 29

Table 2. Total Tax Receipts variance between actual and forecast, excluding company tax 54

Table 3. Total Tax Receipts variance between actual and forecast, including company tax 54

Table 4. Department of the Treasury resource statement 2023-24 88

Table 5. Expenses for Treasury Outcome 1 2023-24 90

Table 6. Audit and Risk Committee members - qualifications, attendance and remuneration 98

Table 7. All ongoing employees current report period (2023-24) 106

Table 8. All ongoing employees previous report period (2022-23) 106

Table 9. All non‑ongoing employees current report period (2023-24) 107

Table 10. All non‑ongoing employees previous report period (2022-23) 107

Table 11. Australian Public Service Act ongoing employees current report period (2023-24) 108

Table 12. Australian Public Service Act ongoing employees previous report period (2022-23) 109

Table 13. Australian Public Service Act non‑ongoing employees current report period (2023-24) 110

Table 14. Australian Public Service Act non‑ongoing employees previous report period (2022-23) 111

Table 15. Australian Public Service Act employees by full‑time and part‑time status current report period (2023-24) 112

Table 16. Australian Public Service Act employees by full‑time and part‑time status previous report period (2022-23) 113

Table 17. Australian Public Service Act employment type by location current report period (2023-24) 113

Table 18. Australian Public Service Act employment type by location previous report period (2022-23) 114

Table 19. Australian Public Service Act Indigenous employment current report period (2023-24) 114

Table 20. Australian Public Service Act Indigenous employment previous report period (2022-23) 114

Table 21. Australian Public Service Act employment salary ranges by SES classification level (minimum/maximum) current report period (2023-24) 116

Table 22. Non‑SES remuneration by classification level (minimum/maximum) current report period (2023-24) 116

Table 23. Australian Public Service Act employment arrangements current report period (2023-24) 117

Table 24. Australian National Audit Office Access contract details 2023-24 120

Table 25. Expenditure on reportable consultancy contracts current report period (2023-24) 121

Table 26. Expenditure on reportable non‑consultancy contracts current report period (2023-24) 121

Table 27. Organisations receiving a share of reportable consultancy contract expenditure current report period (2023-24) 122

Table 28. Organisations receiving a share of reportable non‑consultancy contract expenditure current report period (2023-24) 122

Table 29. Key management personnel 123

Table 30. Key management personnel remuneration 124

Table 31. Senior executive remuneration 125

Table 32. Other highly paid staff remuneration 127

Table 33. Attributes drawn from the Treasury Policy Advice Matrix 209

Table 34. Advertising agencies 2023-24 212

Table 35. Market research organisations 2023-24 212

Table 36. Media advertising 2023-24 212

Table 37. Treasury's planned governance roles for climate‑related risks 220

Table 38. Treasury's Greenhouse Gas Emissions Inventory 2023-24 222

Table 39. Treasury's Electricity Greenhouse Gas Emissions 2023-24 223

Table 40. Australian Governor's votes on International Monetary Fund 2023-24 resolutions 225

Table 41. Transactions with the International Monetary Fund in 2023-24 (cash basis) 228

Table 42. Australia's reserve tranche position in the International Monetary Fund 2023-24 229

Table 43. Australia's New Arrangements to Borrow transactions in 2023-24 230

Table 44. Australia's Poverty Reduction and Growth Trust (PRGT) transactions in 2023-24 231

Table 45. Australian shareholdings at the World Bank at 30 June 2024 233

Table 46. Australia's shareholding and voting power in the World Bank 233

Table 47. Australian Governor's votes on World Bank resolutions in 2023-24 234

Table 48. Number of investment proposals 2021-22 to 2023-24 238

Table 49. Value of investment proposals approved ($ billion) 2021-22 to 2023-24 238

Table 50. Top 10 sources of investment by value of approved commercial investment proposals 2021-22 to 2023-24 239

Table 51. Top 10 sources of investment by value of approved residential real estate proposals 2021-22 to 2023-24 240

Table 52. Number and value of approved investment proposals by industry sector 2021-22 to 2023-24 240

Table 53. Median processing times for approved commercial investment proposals 2021-22 to 2023-24 241

Table 54. Residential real estate investment proposal processing times 2021-22 to 2023-24 241

Table 55. Number of approved national security investment proposals 2021-22 to 2023-24 242

Table 56. Value of approved national security investment proposals ($ billion) 2021-22 to 2023-24 242

Table 57. Number of condition mandated reports 2021-22 to 2023-24 244

Table 58. Number of regulator audits completed 2021-22 to 2023-24 244

Table 59. Number of independent audits completed 2021-22 to 2023-24 244

Table 60. Number of matters sourced via non‑compliance referrals and assessments by information source 2021-22 to 2023-24 244

Table 61. Number of infringement notices issued 2021-22 to 2023-24 245

Table 62. Number of investigation matters completed 2021-22 to 2023-24 245

Table 63. Residential real estate compliance investigations 2021-22 to 2023-24 246

Table 64. Outcomes of residential real estate investigations by property that identified breaches 2021-22 to 2023-24 246

Table 65. Members of the Foreign Investment Review Board at June 2024 248

Table 66. Foreign Investment Review Board meeting attendance during 2023-24 250

Table 67. Outcome of disputes actively managed by ASBFEO during 2023-24 259

Figure 1. Treasury Group senior management at 30 June 2024 25

Figure 2. Treasury outcome and program structure 30

Figure 3. Average ratings of ministerial feedback for the 3 policy criteria 45

Figure 4. Summary of performance results of ministerial interviews 46

Figure 5. Average ratings of stakeholder feedback for the 3 policy criteria 48

Figure 6. Performance results for each area of Treasury's policy advice 49

Figure 7. Treasury real GDP forecasts - performance over time 52

Figure 8. Treasury's performance - alignment of the Foreign Investment Framework results with the best practice principles 68

Figure 9. Treasury's performance - all key stakeholders of the Foreign Investment Framework comparison of 2023 and 2024 69

Figure 10. Treasury's performance - stakeholders other than investors and/or representatives of regulated entities of the Foreign Investment Framework comparison of... 70

Figure 11. Treasury's guidance and information about the Foreign Investment Framework comparison of 2023 and 2024 71

Figure 12. Response rate by type of stakeholder - Foreign Investment Framework 72

Figure 13. Treasury's performance - alignment of the Payment Times Reporting Regulator with the best practice principles 73

Figure 14. The regulator's performance - all stakeholders of the Payment Times Reporting Scheme 74

Figure 15. The regulator's performance - the regulator's industry liaison forums, stakeholder engagement or consultations in 2023-24 - Payment Times Reporting Scheme 75

Figure 16. The regulator's guidance and information about the Payment Times Reporting Scheme comparison of 2023 and 2024 75

Figure 17. Response rate by type of stakeholder - Payment Times Reporting Scheme 76

Figure 18. Types of engagements with Treasury in 2023-24 81

Figure 19. Effectiveness of working relationships with Treasury - comparison to 2022 and 2023 82

Figure 20. Treasury's enterprise governance committee structure 96

Figure 21. Stakeholder survey 2023-24, average score classification 210

Figure 22. Approved investment proposal processing times (number of days) 2021-22 to 2023-24 241