Nature and Scope of Functions
Our purpose
The Treasury is government's leading economic, financial and regulatory advisor. Our core job is to help the Government improve New Zealand's overall economic performance, and increase the living standards of New Zealanders, through the provision of high-quality advice and services. Our advice contributes to improved performance by making challenging issues more tractable to effective government decision-making. The Treasury supports effective delivery of services by the State sector through its policy advice, and delivers some services directly where it is best placed to do so.
The scope of our work
The Treasury provides advice and services to Ministers, primarily the Minister of Finance, through Vote Finance.
We perform three roles through these portfolios:
- providing services directly, such as monitoring and managing the financial affairs of the Crown, including managing the Crown’s debt through the New Zealand Debt Management Office (NZDMO), and supporting New Zealand’s economic performance through the provision of services through the New Zealand Export Credit Office (NZECO), Crown Wholesale Guarantee Facility and the Retail Deposit Guarantee Scheme
- raising the quality of advice and service delivery in the State sector, by leading improvements in State sector management and performance through a shared work programme involving the three Central Agencies – the Treasury, the Department of Prime Minister and Cabinet (DPMC) and the State Services Commission (SSC) – and providing second-opinion advice on the economic and financial implications of other government agencies’ proposals, and
- providing policy advice direct to Ministers to facilitate government decisions on changes and initiatives that support better economic performance and higher living standards.
These outputs are funded through 10 specific departmental output appropriations. These are detailed in the Estimates of Appropriations 2011/12.
Legislation we administer
The Treasury currently administers 36 pieces of legislation plus the Appropriation and Imprest Supply Acts relating to each financial year, and various Finance Acts. The most significant of these are the Public Finance Act 1989 and the State-Owned Enterprises Act 1986. The Public Finance Act 1989 provides the platform for the advisory roles expected of us by the Government. The Treasury's scope includes an interest in institutions, macroeconomic performance and structural policy issues and financial advice to the Government.
To view an up-to-date list, visit: http://www.treasury.govt.nz/abouttreasury/legislation
