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The Work We Do

Highlights of the Year

More detail about progress on achieving our outcomes is included on pages 18 to 33 but the most significant highlights of the 2011/12 year are:

  • Living Standards Framework.We extended our work on the Living Standards Framework, developing a tool to assess the trade-offs involved in our recommendations to the Government. This tool enables us to provide higher-quality advice.
  • Better Public Services. As a Central Agency, the Treasury worked with SSC and DPMC to help the Government determine its priorities for better public services. Action to achieve better public services now forms a core plank in the Government's programme and the three Central Agencies are now working closer together as a "Corporate Centre" for the State sector, to drive and support the Better Public Services programme goals.
  • Growth Agenda. Advice and evidence that we provided to the incoming Government after the 2011 general election, and our work with other agencies, led to development of the Government's Business Growth Agenda. A number of agencies now have action under way to help support growth.
  • Welfare Reform. Working collaboratively with MSD, we developed a reform programme that significantly changes New Zealand's approach to welfare. The investment approach established for the future will help get people back into work and participating productively in society.
  • Fiscal Discipline. We provided analysis, policy advice and implementation advice that enabled the Government to deliver on its fiscal strategy during difficult and uncertain economic times, including helping the Government deliver a second near-zero Budget as part of its strategy to return to fiscal surplus in 2014/15.
  • Borrowing Programme. NZDMO issued $13.5 billion worth of government bonds. The government bond maturity in November 2011 was repaid in full ($8.7 billion).
  • Education. Our analysis and evidence supported development of the Government's policy agenda for schools. We engaged with teachers and the broader education sector.  We provided evidence and analysis that contributed to public debate about improving the quality of teaching.
  • Mixed Ownership Model. The Treasury's new Commercial Transactions Group made significant progress on preparing for the Mixed Ownership Model for the four energy SOEs and Air New Zealand. After the 2011 general election we provided advice to the incoming Government, assisted with the development of enabling legislation enacted by Parliament and helped Mighty River Power prepare itself for a public share offer.
  • CASS. Working with SSC and DPMC, we created the Central Agencies Shared Services (CASS) agency in March. CASS provides back-office functions to all three Central Agencies, demonstrating our commitment to working together to deliver better public services, and our willingness to set the benchmark in terms of best practice shared services.
  • Building the Treasury for the Future. In addition to CASS, we've put effort into shaping the Treasury for the future. Using learnings from external Peformance Improvement Framework (PIF) reviews, we are taking a longer-term view, developing and implementing a workforce and diversity strategy, four-year plans and have put in place a new financial information system that provides managers with information in a more timely manner to support effective decision-making.
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