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Policy Advice - Finance

What is intended to be achieved with this appropriation

This appropriation is intended to enable and facilitate ministerial decision-making that achieves for New Zealand improved economic performance, a high-performing State sector and a stable and sustainable macroeconomic environment.

What was achieved with this appropriation

Performance dimensions Target for
2015/16
Performance for 2015/16 Forecast for 2016/17

Assessment of the technical quality of policy advice papers through a review process that has a methodical robustness of at least 80%.  

Methodological robustness - the higher the robustness score, the stronger the methodological quality of the completed assessment. This is calculated using a standardised formula common to agencies and departments that participate in the policy measurement exercise.

70%

 

 

62%

There has been a new basis for calculation of this measure. See following page for a summary of the findings from the policy review.

75%

        

The satisfaction of the Minister of Finance with the policy advice service, as per the common satisfaction survey. 70% 70% 75%
The total cost per hour of producing outputs. $203

$182[7]

Thisresult is consistent with the 2014/15 result where the total cost per hour was $183.      

$203

The welfare system operates further in line with the investment approach, based on the external valuation.   

Welfare system - Through its Vote role and role as the external monitor of Work and Income (a division of MSD), the Treasury will help enable increased cross-agency collaboration to meet the expanded Better Public Services Result 1 target.

Achieved Achieved Achieved
Budget decisions are in line with short-term fiscal intentions in the BPS. Achieved Achieved Achieved
Significant Regulatory Impact Statements (RISs) meet most or all of Regulatory Impact Analysis (RIA) requirements. 90%

78%

This is an improvement on the 2014/15 result of 63%. The reasons for departments being unable to meet the RIA requirements vary. The Treasury continues to investigate the barriers for further improving performance and is developing initiatives to address them.  

90%
Tax revenue forecast error on one-year-ahead forecasts. Less than plus or minus 3% +2.1% Less than plus or minus 3%
Production of advice that provides options which allow the Government to deliver a credible fiscal strategy consistent with the fiscal prudence provisions of the Public Finance Act 1989. Where this advice is underpinned by modelling, results from major models are externally quality assured and, where appropriate, assumptions are tested with suitably qualified external experts. Achieved Achieved The measure has been adjusted for 2016/17 to reflect the periodic nature of quality assurance reviews.

The policy work funded through this appropriation forms part of the Treasury's Strategic Intentions listed below. Readers can find out more about what we achieved in these areas on pages 10 to 33 of this report.

  • New Zealand has an internationally connected and competitive business environment.
  • People have the capability and opportunities to participate in society and the economy.
  • The State sector efficiently and effectively delivers results for New Zealanders.
  • There is a faster improvement in Māori living standards.
  • The economic cycle is managed in a way that supports sustainable growth.
  • The Crown balance sheet is managed effectively and efficiently.
2015
Actual
$000
Policy Advice - Finance 2016
Actual
$000
2016
Main Estimates
$000
2016
Supp. Estimates
$000
2017
Unaudited Forecast
as per BEFU
2016
$000
34,582 Expenses 31,703 33,037 33,083 31,181
  Funded by:    
34,882 Revenue  Crown 32,712 33,025 32,712 31,133
51 Other revenue 284 12 371 48

Note:

The underspend is owing to savings generated by staff vacancies throughout the year and less utilisation of consultants than planned.

Notes

  • [7]This calculation is based on a time cost survey undertaken.
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