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Statement of Intent 2008-13 - The Treasury

Treasury at a Glance

Government’s vision
An inclusive New Zealand where all people enjoy the opportunity to fulfil their potential, prosper and participate in the social, economic, political and cultural life of their communities and nation.

Government’s priorities (themes)

  • Economic transformation

  • Families - young and old

  • National identity
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The Treasury’s vision
A world-class Treasury working for higher living standards for New Zealanders.

The Treasury’s goal
The Treasury is a highly engaged, relevant and respected economic and financial policy advisor, making an impact on the issues that are important to New Zealand’s economic performance and State sector performance.

The Treasury’s outcomes

Improved overall economic performance

A stable and sustainable macroeconomic environment

Improved State sector performance
Improving New Zealand's productivity is crucial for a better standard of living, and relies on smarter use of the country's capital, skills and other resources. The Treasury will continue to provide advice on the wide range of policies that affect productivity. Our focus is on the institutional frameworks that promote macro stability, and the sound operation of fiscal policy.  We have specific responsibilities in terms of fiscal policy, and give effect to this through the Budget. The ongoing pursuit of State sector performance is of fundamental importance because of its economic implications and its effects on
New Zealanders’ welfare. Our primary concern is with ensuring that State services are delivered in the most efficient and effective way.
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Treasury Outputs (medium-term)

Improved overall economic performance — we provide analysis and advice on:

  • financial markets, investment and savings
  • competition and regulatory frameworks
  • sustainable use of natural resources
  • skills, including social mobility
  • international connections, including exporting and monetary policy
  • infrastructure—particularly Auckland transport
  • innovation
  • labour market performance
  • tax
  • measuring and monitoring economic performance
  • Treaty of Waitangi settlements.

International connections — the implications of globalisation for New Zealand’s economy

Skills — leadership and analytical input into cross-agency work streams

Natural resource management — how to achieve an economy that is both productive and sustainable.

A stable and sustainable macroeconomic environment (also contributes to achievement of Outcome 1 objectives) — we provide analysis, monitor, report and/or advise on:

  • the fiscal position, and fiscal and macroeconomic policies and frameworks
  • macroeconomic developments,  tax, expenditure, and macroeconomic forecasts
  • regulatory and tax policy settings, spending and tax needed to achieve government objectives, macroeconomic stability and delivery of better State sector performance.

Long-term fiscal sustainability —

  • options for managing long-term fiscal challenges
  • promoting an understanding of long-term fiscal issues.

We will produce a Statement of the Long-Term Fiscal Position.

And the Treasury

  • manages the Budget process
  • manages and issues Crown debt
  • contributes to Crown debt and financial asset management.

Improved State sector performance (also contributes to achievement of Outcomes 1 and 2 objectives) — the Treasury, working with other central agencies and departments, provides advice and analysis on improving:

  • overall performance in fiscally significant areas: Health, Education, maintaining the revenue base, the benefit system, and roading/ transport
  • the performance of agencies that significantly impact on firms/
    economic transformation; skills/ social mobility, transport, Auckland, and climate change
  • capital and asset management system-wide, with a particular focus on the capital intensive agencies
  • management of State sector remuneration.

The central agencies — seek better co-ordinated policy outcomes, increased agency engagement on performance improvement, and improvements to public management systems.

Treasury’s strategic result areas (SRAs)
  • International connections
  • Natural resource management
  • Skills
  • Long-term fiscal sustainability.
These are areas identified as having a long-term pervasive impact for New Zealand where the Treasury can contribute most to framing the debate and crystallising strategic options and trade-offs.

Treasury Output classes
  • Policy advice and management: macroeconomic; economic performance; and State sector performance
  • Debt and related financial asset management
  • Management of claims against the Crown, contractual liabilities and Crown properties
  • New Zealand Export Credit Office (NZECO).
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