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The Treasury's Organisation Structure

Page updated 22 May 2015

Leadership team

Gabriel Makhlouf – Secretary and Chief Executive

Gabriel Makhlouf is the Treasury Secretary and Chief Executive. He is the Government’s chief economic and financial adviser, and leads the Treasury’s work to help raise living standards for New Zealanders through a stable, growing economy, and a high performing public service.

Gabriel’s career was previously in the UK civil service where his responsibilities ranged from policy development on domestic and international tax and welfare policy issues through to large-scale, customer-focused, operational delivery. He was Chair of the world’s main tax rule-making body – the Committee on Fiscal Affairs – at the OECD in Paris between 2000-2004 and was also responsible for the UK’s Government Banking Service. He led the UK team that negotiated the current US/UK double tax treaty and served as Principal Private Secretary to the Chancellor of the Exchequer. 

Gabriel has a Bachelor’s degree in economics from the University of Exeter and a Master’s degree in industrial relations from the University of Bath, and is an alumnus of international business school INSEAD’s Advanced Management Programme. The son of UN diplomats, Gabriel grew up in the Pacific and speaks French and Greek. He is married with one adult son.

Dr Girol Karacaoglu – Chief Economist and Deputy Secretary, Macroeconomic, International and Economic Research

Dr Girol Karacaoglu joined the Treasury on 1 March 2012.

As both Chief Economist and Deputy Secretary, Girol oversees the Treasury’s research and advice on broad economic policy issues, aimed at raising the living standards of New Zealanders - in particular, fiscal and monetary policy settings, and New Zealand’s international connections. He has extensive experience in the financial sector, and came to the Treasury from The Co-operative Bank, where he was Chief Executive for nine years. His previous roles include General Manager at Westpac NZ, Chief Economist at the National Bank of NZ, and lecturer in economics at Victoria University of Wellington.

Girol has a PhD in Economics from the University of Hawaii and a Master’s degree in Business Administration from Robert College (now Bogazici University) in Turkey. He has three adult children – two daughters and a son.

Cath Atkins – Deputy Secretary, Growth & Public Services

Cath Atkins is the Treasury’s Deputy Secretary, Growth and Public Services. She leads the Treasury’s work to raise living standards through policy advice on economic growth, education and skills, the labour market and welfare, infrastructure, resources, regulation and tax strategy.

Cath has held a range of senior leadership positions since joining the Treasury in 1999, most recently including Deputy Secretary, Strategy, Change & Performance. Her work has spanned policy areas ranging from market intervention, growth, competition policy and regulation to labour markets, welfare and State sector performance. She was responsible for setting up the New Zealand Productivity Commission, and has represented New Zealand at APEC and the OECD. Cath was part of the team that led development of the Trans-Tasman mutual Recognition Act, the legislation for mutual recognition of employment standards and occupations, supporting closer economic ties between New Zealand and Australia.

With a background in economics and international trade, Cath holds Master’s and Bachelor’s degrees in commerce and management from Lincoln University. A sports enthusiast, in 2012 Cath completed the Oxfam non-stop 100 kilometre walk.

Fiona Ross – Deputy Secretary, Budget & Public Services

Fiona re-joined the Treasury in 2011. She leads the Treasury’s work to raise living standards by helping to ensure the government’s finances are well managed, and overseeing advice in the areas of justice and security, health, earthquake coordination, and the performance of the public sector as a whole.

Fiona has over 20 years’ experience in the public service, with particular expertise in state sector reform. After initial positions at the Ministry of Education and the Ministry of Women’s Affairs, Fiona joined the Treasury as a senior policy analyst in 2000. In 2002 she moved to the UK where she held various roles in the Civil Service, including leading major change initiatives focused on efficiency gains and service improvements. Fiona returned to the Treasury to lead the Better Public Services Programme, the government’s flagship programme to improve outcomes for New Zealanders.

Fiona holds an Honours degree in Arts and a Master’s degree in Public Policy, both from Victoria University of Wellington. She has been actively involved with a number of not-for-profit groups focused on the issues of sexual abuse and women’s sport and fitness.

Brendon Doyle – Deputy Secretary – Financial Operations

Brendon re-joined the Treasury in 2012 after a previous nine-year stint. He is responsible for the New Zealand Debt Management and Export Credit offices, helping to raise living standards by keeping down the cost of government debt and supporting opportunities for exporters.

The NZ Debt Management Office plays a critical role in the economy, overseeing the Government's borrowing requirements in a way that minimises costs while keeping risk at an appropriate level. The Export Credit Office provides financial guarantee products for New Zealand exporters and banks, helping exporters to manage risk and capitalise on trade opportunities around the world. The office has supported more than $1 billion of total exports since it was established. In addition to his portfolio responsibilities, Brendon is the diversity champion for the Treasury’s leadership team. 

Brendon first joined the Treasury in 1993, and was Head of Portfolio Management from 1999 to 2002. His most recent role was with Westpac in Australia as Managing Director of its Global Capital Markets business.

Bill Moran – Deputy Secretary, Strategy, Change & Performance

Bill Moran joined the Treasury in 1985. He helps to raise living standards by overseeing work on New Zealand’s economic strategy and ensuring the Treasury operates effectively as an organisation.

Bill previously led work for the Treasury in macroeconomic and fiscal policy, tax strategy and State sector management for a period of eight years. Prior to this he spent seven years as Principal Economic Advisor to the Minister of Finance. He is a strong advocate for ensuring the Treasury’s work is informed by external views, and involving New Zealanders in the policy process. In 2013 this included leading a wide-ranging public engagement programme to test the assumptions and analysis for the Treasury’s Long Term Fiscal Statement.

Bill holds a Master’s degree in Political Science from Victoria University of Wellington. He is Deputy Chair of New Zealand Football, Chair of the organising committee for the FIFA Under-20 Men’s World Cup, which will be held in New Zealand in 2015, and Founding Chair of the Play It Strange Trust, a schools-based youth development initiative. 

Team managers

Macroeconomic, International and Economic Research

  • Director, Macroeconomic Policy (Tim Ng)
  • Economic Research and Analysis (Manager: Angela Mellish)
  • Financial Markets (James Beard)
  • International (Tim Ng)
  • Forecasting (Tim Ng)
  • Modelling (Acting Manager: Paul Rodway)

Growth and Public Services

  • Economic Performance and Strategy (Manager: Jane Frances)
  • Education and Skills (Manager: Grace Campbell-Macdonald)
  • Housing (Manager: Tom Hall)
  • Natural Resources (Acting Manager: Mark Vink)
  • Labour Market and Welfare (Acting Manager: Hayden Fenwick)
  • National Infrastructure Unit (Manager: David Taylor) - See the National Infrastructure Unit website
  • Tax Strategy (Team Leader: Suzy Morrisey)
  • Regulatory Quality (Manager: Colin Hall)
  • Social Inclusion (Manager: Nick Carroll)

Budget & Public Services

  • Justice and Security (Manager: Fiona Whiteridge)
  • Health (Manager: Ben McBride)
  • Fiscal and State Sector Management (Manager: Cheryl Barnes)
  • Analytics and Insights (Manager: Andrew Hunter)
  • Office of the Government Accountant
    • Chief Government Accountant (Head of Government Finance Profession and Chief Government Accountant: Paul Helm)
    • Fiscal Reporting (Manager: Nicola Haslam)

Strategy, Change and Performance

  • Chief Financial Officer (Manager and CFO: Fergus Welsh)
  • Legal (Manager and Treasury Solicitor: Jeremy Salmond)
  • Stakeholder Engagement & Communications (General Manager: Anna Symmans) - See Contact Us for contact details of media staff.
  • Office of the Executive (Manager: Dasha Leonova)
  • Ministerial Advisory Service (Manager: Kevin Hillock)
  • Business Services & Improvement (Manager: Jeremy Salmond (Acting))
  • Change Team (Manager: Jo Hickling)
  • Central Agency Shared Services (CASS)
    • CASS (Director: Alastair Mackay)
    • Human Resources (Manager: Fiona Foster)
    • Finance (Manager: Sara Brownlie)
    • Knowledge Infrastructure Services (Chief Information and Technology Officer: Brett Annan)

Commercial Operations

  • Director, Commercial Operations (Chris White)
  • Commercial Advice (Manager: Stacey Wymer)
  • Governance & Performance (Manager: Fiona Chan)
  • Strategy & Policy (Manager: Kirsty Flannagan)

Financial Operations and New Zealand Debt Management Office (NZDMO)

  • See the NZDMO website.
  • Portfolio Management (Head: Sarah Vrede)
  • Accounting and Transactional Services (Head: John Toomath)
  • Risk Policy and Balance Sheet (Head: Andrew Hagan)
  • Business Information (Head: Clive Trott)
  • New Zealand Export Credit Office (NZECO) (Manager: Chris Chapman) - See the NZECO website.
  • Investment Management & Asset Performance (IMAP) (Director: Andrew Blazey)
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