california energy incentive programs - department of energy

PART 1OVERVIEW

Secretary’s review 3

Corporate statement 7

Treasury’s mission 7

Policy outcomes 7

Treasury people values 9

Treasury’s role and capabilities 10

3PART 1OVERVIEW

Secretary’s reviewIn 2003-04, through our advice and assistance to the Treasurer and portfolio ministers we made further progress in pursuit of our mission to improve the wellbeing of the Australian people.

Macroeconomic outcomesAustralia’s economic performance in 2003-04 compared favourably with many developed countries. GDP growth of 3.6 per cent for the year was underpinned by strong household spending and business investment. Strong domestic demand resulted in higher imports, and overall a net export detraction from growth. The unemployment rate fell below 6 per cent, the lowest in 23 years, while wage pressures and inflation remained contained. The budget outcome was stronger than expected with an underlying cash surplus of $8.0 billion.

Australia’s economic success is due to the implementation of credible medium-term frameworks that guide monetary and fiscal policies and many years of structural reform in areas as diverse as competition policy, the tax system, the labour market, the financial sector and corporate law.

4 THE TREASURY ANNUAL REPORT2003-04

Public policy prioritiesAs economic circumstances and risks changed throughout the year, we were busy advising the Government on domestic and international developments, the economic outlook and the implications of developments for macroeconomic policy.

Treasury has primary responsibility for fiscal policy and delivery of the budget. 2003-04 proved to be a particularly busy year. I would like to pay a special tribute to the efforts and achievements of the staff who worked on the budget this year.

Demographic change poses a number of medium term policy challenges. We followed up on the Intergenerational Report with further advice to the Government on policy pathways. In February the Treasurer released Australia’s Demographic Challenges and we have been engaged, subsequently, in community consultations on the pathways for further policy reform.

In 2003-04 we continued to contribute to the Government’s strategic policy priorities in tax, welfare, health, education, environment, energy, innovation, water, defence and national security. In particular, we advised on budget measures in the tax and income support areas and have responsibility for implementing the taxation changes. In some cases this directly involved Treasury in designing and implementing measures as part of a cross-portfolio package. For example, the energy reforms package involved excise and competition policy changes. We also helped the Government formulate its response to the Productivity Commission Inquiry into First Home Ownership.

Delivery of reviews and implementation of decisions in tax, market regulation, Commonwealth-state financial relations and debt management were also prominent in 2003-04. We completed two reviews following the HIH Royal Commission, held a comprehensive review of income tax self assessment, released a policy paper on retirement income reforms and undertook work on consumer financial literacy and product safety regulation.

More significantly, we carried out a great deal of work implementing Government decisions through developing legislation and regulation, and assisting with administrative arrangements. These included substantially completing the announced programmme of tax reform; delivering further measures in tax and superannuation (including legislation for budget measures); implementing the review of the debt issuance strategy; improving the prudential regulation of indemnity insurance and superannuation; implementing decisions from the review of the Trade Practices Act; developing new product safety measures;

5PART 1OVERVIEW

strengthening the corporate reporting framework through measures to improve disclosure of financial information and enhance auditor independence; and developing measures to facilitate the transition to the new financial services regime.

International events continued to influence our work, and in 2003-04 our international engagement increased in a number of ways. Most significant was the deployment of, and provision of support for, Treasury staff working in counterpart agencies in the Pacific and Papua New Guinea. This is part of the whole-of-government initiative to provide expertise to assist in improving economic stability, governance and security in the Pacific region. We continued to take an active role in international forums and institutions to influence outcomes supportive of sustained international security and growth. We were particularly active in bilateral policy dialogue with our counterparts in the Asian region. To create stronger trade and investment links we engaged in negotiations with several countries on double tax agreements, held discussions with New Zealand on tax and market regulation issues, and participated in negotiations with the United States and with Thailand on our portfolio responsibilities in the free trade agreements with these countries.

The Royal Australian Mint had a successful year, winning an award for engineering excellence.

Our organisational changesMinor changes occurred in Treasury’s organisation and the portfolio which refined the new structure implemented in 2002-03. Fiscal Group implemented a new structure to enable us to play a more effective central policy agency role across social, industry, defence and environmental policy areas. The Pacific and Assistance Division was established in Macroeconomic Group to meet our increased international engagement. We also established the Strategic Communications Division to assist us in better managing issues for ministers.

Mr Greg Smith, Executive Director Revenue Group, resigned in April after more than two decades in Treasury. He made an exceptional contribution to public policy and to the department. We wish him a happy and successful future.

Two Treasury staff received special recognition in 2003-04. Mr Phil Gallagher was awarded a Public Service Medal in January for his outstanding achievements in retirement income modelling, and Mr Tony McDonald was awarded a Public Service Medal in June for his work in Iraq with the Coalition Provisional Authority and the Iraqi Minister for Finance.


Throughout 2003-04 we continued to take steps to improve knowledge and information management (including electronic records management and a new intranet), resource allocation and risk management systems and professional development. We introduced a workplace diversity policy and largely completed negotiations on pay and employment conditions for staff under a new Certified Agreement for 2004-2006 and Australian Workplace Agreements during 2003-04.

Some key personnel changes occurred in the portfolio during the year. The Chairman of the Australian Securities and Investments Commission, Mr David Knott, departed and was replaced by Mr Jeffrey Lucy AM. Mr David Vos AM was appointed as the first Inspector-General of Taxation.

2004-05 outlookWe anticipate that in 2004-05 our broad strategic themes will include analysing and advising on policy responses to domestic and international developments; addressing the broad trends that affect potential growth, particularly in the areas of participation and productivity; seeking innovative ways to address complexity and governance issues in public policy; and exploring the changing nature of Australia’s international engagement.

I value the ability of Treasury staff to deliver across a wide range of issues and programmes. This underpins our reputation as a central policy agency. In 2003-04 this capability was demonstrated well. I want to thank all Treasury staff for their contributions to public policy and for their professionalism and enthusiasm.

Ken Henry Secretary to the Treasury

7PART 1OVERVIEW

Corporate statement

Treasury’s missionTreasury’s mission is to improve the wellbeing of the Australian people by providing sound and timely advice to the government, based on objective and thorough analysis of options, and by assisting Treasury ministers in the administration of their responsibilities and the implementation of government decisions.

Policy outcomesIn carrying out its mission, Treasury is responsible for the following policy outcomes:

sound macroeconomic environment

effective government spending and taxation arrangements

well-functioning markets.

Outcome 1: Sound macroeconomic environmentA sound macroeconomic environment is an essential foundation for strong sustainable economic growth and the improved wellbeing of Australians. It is characterised by stable prices, low interest rates, healthy economic and employment growth, and a sustainable external position.

As many influences on macroeconomic outcomes are beyond the control of the government, policy aims to improve the prospects of the Australian economy, rather than to target specific outcomes or major economic indicators. Success is judged more by medium to long-term performance relative to Australia’s past and to other countries, rather than by particular results in any year.

Treasury aims to contribute to a sound macroeconomic environment through:

ongoing development of a deep understanding of the operations of the Australian economy and how government action might influence it

monitoring and assessing economic conditions and prospects, both in Australia and overseas, and by providing advice on the formulation and implementation of effective macroeconomic policy, including monetary and fiscal policy


providing strategic influence on Australia’s international interactions, and assisting portfolio ministers in their international relations

assisting counterpart governments in pursuing economic stabilisation, development and improved governance in the Pacific.

Macroeconomic Group is responsible for the outputs associated with Outcome 1.

Outcome 2: Effective government spending and taxation arrangementsGovernment spending and taxation arrangements contribute to the overall fiscal outcome and also influence strong sustainable economic growth and the improved wellbeing of Australians.

Spending measures should be effective in meeting their stated objectives, minimise behavioural distortions and deliver significant economic and other benefits compared with costs, thus contributing to the wellbeing of Australians. Taxation measures should meet revenue and other public policy objectives and have regard to the principles of economic efficiency, horizontal and vertical equity, certainty and transparency, whilst minimising compliance and administrative costs. By meeting these objectives, taxation measures contribute to wellbeing, either directly or by providing the revenue base to finance government services.

Ongoing advice from Treasury to the portfolio ministers assists in formulating, implementing and explaining government spending and taxation decisions. Treasury does this by:

monitoring and advising on the effective operation of the tax system

putting together the budget as the key strategic government planning and resource allocation tool of the government

providing high quality input into government consideration of expenditure programmes

advising on the effective financial operations of government collectively in Australia (including in relation to the Australian Government’s debt management).

9PART 1OVERVIEW

Responsibility for the outputs associated with Outcome 2 is shared between Fiscal Group and Revenue Group. Fiscal Group is responsible for budget policy advice and coordination and for Commonwealth-state financial policy advice. Fiscal Group also provides advice on social policy, industry and environment policy, defence and national security policy. Revenue Group is responsible for taxation and income support policy advice, including responsibility for the development of tax legislation.

Outcome 3: Well-functioning marketsWell-functioning markets contribute to the achievement of high sustainable economic and employment growth and the wellbeing of Australians, by enabling resources to flow to those parts of the economy where they can be used most productively.

Well-functioning markets operate when investors and consumers have confidence and certainty in making decisions that are well informed and free from market distortions and impediments.

Treasury provides advice on policy processes and reforms that promote a secure financial system and sound corporate practices, remove impediments to competition in product and services markets, and safeguard the public interest in matters such as consumer protection and foreign investment. The effective implementation and communication of the Government’s position is also critical to achieving this outcome.

Markets Group is responsible for the outputs associated with Outcome 3.

Treasury people valuesTreasury has its own people values, reflecting the management style in the department. These people values are consistent with the Australian Public Service values.

Treasury people management principles There will be open, two-way communication at all levels.

Accountabilities will be clearly defined.

Remuneration will be based on work performance and determined by fair and transparent processes.

Staff will be assisted in achieving appropriate work and private life balance.


Treasury people Strive for excellence.

Value teamwork, consultation and sharing ideas.

Value diversity among our people.

Treat everyone with respect.

Exhibit honesty in all our dealings.

Treat colleagues with fairness.

Treasury’s role and capabilitiesOur mission statement reflects the breadth of our ministers’ responsibilities and underscores the key importance for Treasury of a strong relationship with its ministers, built on trust and effective advice. We bring a central policy agency perspective and role to public policy in pursuing our mission, assisted by a clear framework for understanding wellbeing.

The five elements of wellbeing in the framework are the:

opportunity and freedom that individuals have to make choices and enjoy access to the available consumption possibilities, taking into account the implications of those choices for others

level of consumption possibilities available to the community over time (including the level of goods and services which are available and non-market goods such as voluntary and community work, the quality of the physical environment, health and leisure)

distribution of these consumption possibilities (including among different groups within society, across geographical regions and across generations)

overall level of risk borne by individuals and, in aggregate, by the community

level of complexity confronting Australians.

11PART 1OVERVIEW

The wellbeing framework, along with the range of policy responsibilities held by Treasury ministers, means that Treasury must bring a whole-of-economy approach to its advice and analysis, take account of a range of issues such as the natural environment and opportunity, and apply the framework to the implementation and administration of policy.

To be an effective central policy agency across our full range of activities we work to ensure that we:

effectively focus our efforts on the issues that really matter, based on our understanding of government and of our ministers’ interests

anticipate policy developments both inside and outside the Treasury portfolio

bring a strong analytical approach to all issues by applying our understanding of economic principles and tools, the framework for understanding wellbeing, our knowledge of Australia and relevant international policy experience and an understanding all relevant interests

remain relevant over time through an inclusive and participatory involvement in policy processes, domestic and international engagement and continued sensitivity to the changes in community values and the policy environment

consistently achieve results working within the government.

In broad terms, the capabilities needed in Treasury to fulfill the role and deliver the outputs are:

leadership and governance frameworks

high quality analytical strengths

systems to support, and investments to sustain, services.

The production and delivery of outputs relies on:

policy development which covers identifying policy issues, shaping policy approaches, managing issues during a process of change, and providing up-to-date information

quantitative analysis of the economy, policy options and their impacts, and of government and departmental finances


policy implementation and development of legislation and related instruments

public consultation and information in the development of policy and legislation and ongoing management of issues

international engagement

administration of policy frameworks including government arrangements, legislation and programmes.

These activities are supported by people systems, including for recruitment, professional developement and performance management; knowledge and information management systems; communication systems; and strategic leadership at multiple levels in the organisation.

13PART 1OVERVIEW

Table 1: Treasury financial and staffing resources summary

Budget Actual Budget2003-04 2003-04 2004-05

$’000 $’000 $’000Administered expenses

Appropriation Acts No. 1 and 3 10,000 3,408 9,000Appropriation Acts No 2 and 4 178,419 169,059 176,213Appropriation Acts 5 and 6 4,100 4,100 -Special Appropriations 33,596,722 33,897,535 35,652,579Other expenses (217,143) (351,281) -

Total administered expenses 33,572,098 33,722,821 35,837,792

Revenue from GovernmentOutput Group 1.1 Macroeconomic 18,843 20,636 23,382Output Group 2.1 Fiscal 11,231 14,085 14,132Output Group 2.2 Revenue 35,381 36,259 39,157Output Group 3.1 Markets 34,510 31,796 32,393

Total revenue from Government contributing

to the price of departmental outputs 99,965 102,776 109,064

Revenue from other sources

Output Group 1.1 Macroeconomic 28 2,245 719Output Group 2.1 Fiscal 6 349 399Output Group 2.2 Revenue 50 983 1,239Output Group 3.1 Markets 48,441 43,455 47,693

Total revenue from other sources 48,525 47,032 50,050

Total revenue for departmental outputs

(Total revenues from Government and other sources) 148,490 149,808 159,114

Price of departmental outputsOutput Group 1.1 Macroeconomic 18,871 23,922 24,101Output Group 2.1 Fiscal 11,237 15,304 14,531Output Group 2.2 Revenue 35,431 38,024 40,396Output Group 3.1 Markets 82,951 72,246 80,086

Total price of departmental outputs 148,490 149,496 159,114

Total estimated resourcing

(Total price of outputs and administered expenses) 33,720,588 33,872,317 35,996,906

Average staffing levels (number) 818 876 834Note: Average staff levels exclude locally engaged staff.


Figure 1: Treasury portfolio outcome structure (as at 30 June 2004)

Portfolio Minister — TreasurerThe Hon Peter Costello MP

Minister for Revenue and Assistant Treasurer Senator the Hon Helen Coonan

Parliamentary Secretary to the Treasurer The Hon Ross Cameron MP

Department of the Treasury Secretary: Dr Ken HenryOutcome 1: Sound macroeconomic environmentOutcome 2: Effective government spending and taxation arrangementsOutcome 3: Well functioning markets

Australian Bureau of Statistics Statistician: Mr Dennis TrewinInformed decision-making, research and discussion within governments and the community, based on the provision of a high quality, objective and responsive national statistical service

Australian Competition and Consumer Commission

Chairman: Mr Graeme Samuel AOTo enhance social and economic welfare of the Australian community by fostering competitive, efficient, fair and informed Australian markets

Australian Office of Financial Management

Chief Executive Officer: Mr Neil HydenTo enhance the Commonwealth’s capacity to manage its net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the net worth of the Commonwealth over time

Australian Prudential Regulations Authority

Chairman: Dr John LakerTo enhance public confidence in Australia’s financial institutions through a framework of prudential regulation which balances financial safety, efficiency, competition, contestability and competitive neutrality

Australian Securities and Investments Commission

Chairman: Mr Jeffrey Lucy AMA fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers

Australian Taxation Office Commissioner: Mr Michael CarmodyEffectively manage and shape systems that support and fund services for Australians and give effect to social and economic policy through the tax, superannuation, excise and other related systems

Corporations and Markets Advisory Committee

Convenor: Mr Richard St JohnFair and efficient financial markets characterised by integrity and transparency, and supporting confident and informed participation of investors and consumers

Inspector-General of Taxation Inspector-General: Mr David Vos AMImproved administration of the tax laws for the benefit of all taxpayers

National Competition Council President: Dr Wendy CraikThe achievement of effective and fair competition reforms and better use of Australia’s infrastructure for the benefit of the community

Productivity Commission Chairman: Mr Gary BanksWell informed policy decision-making and public understanding on matters relating to Australia’s productivity and living standards, based on independent and transparent analysis from a community-wide perspective

15PART 1OVERVIEW

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17PART 1OVERVIEW

Figure 4: Treasury top management structure (as at 30 June 2004)

Secretary: Ken Henry

General Manager, Strategic Communications Division: Nigel Ray

Corporate Strategy, Principal Adviser: Peta Furnell

Macroeconomic Group: Executive Director Martin Parkinson

Chief Adviser, International: John Eyers

Domestic Economy Division

General Manager: Jim Hagan

Macroeconomic Policy Division

General Manager: David Gruen

International Economy Division

General Manager: Heather Smith

International Finance Division

General Manager: Roger Brake

Pacifi c and Assistance Division

General Manager: Frances Perkins

Washington Minister-Counsellor

(Economic) Nigel Bailey

OECD/Europe

Blair Comely and Paul Lindwall

Tokyo Minister-Counsellor

(Economic) Ron Foster

Beijing Minister-Counsellor

(Financial) Stephen Joske

Jakarta Counsellor

(South East Asia Financial) Karen Whitham

Fiscal and Corporate Services Group: Executive Director Richard Murray

Budget Policy

General Manager: David Martine

Industry, Environment and Defence

General Manager: Maryanne Mrakovcic

Commonwealth-State Relations

General Manager: Rob Heferen

Social Policy Division

General Manager: David Tune

Corporate Services

General Manager: Ian Robinson

Revenue Group: Executive Director David Parker (A/g)

International Tax and Treaties Division

General Manager: Neil Motteram (A/g)

Individuals and Entities Tax Division

General Manager: Geoff Miller (A/g)

Review of Self Assessment

General Manager: Paul McCullough

Tax Analysis Division

General Manager: Paul Tilley

Business Income Division

General Manager: Peter Mullins

Tax Design Division

General Manager: Deidre Gerathy

Superannuation, Retirement and Savings Division

General Manager: Trevor Thomas

Indirect Tax Division

General Manager: Patrick Colmer

Board of Taxation

General Manager: Bruce Paine

Markets Group: Executive Director Jim Murphy

Foreign Investment Policy Division

General Manager: Chris Legg

Strategy, Consumer and Group Services Division

General Manager: Sue Vroombout (A/g)

Financial System Division

General Manager: Veronique Ingram

Competition and Consumer Policy Division

General Manager: Steve French

Corporation and Financial Services Division

General Manager: Mike Rawstron

Australian Government Actuary

General Manager: Peter Martin

The Royal Australian Mint

Controller: Vivienne Thom

Takeovers Panel

Director: George Durbridge

california energy incentive programs - department of energy

Documents