The Treasury undertakes Quarterly Investment Reporting (QIR) to identify and track investments through their investment lifecycle. QIR provides the Minister of Finance and Cabinet with visibility of the investment pipeline, policy advice on prioritisation and sequencing, and invitations into Budget and other funding related processes.
Public Sector agencies in scope for QIR are the same as those agencies defined and within the scope of the investment management system in Cabinet Office Circular 23 (9).
QIR seeks to:
- improve visibility of significant investments across the Government's investment portfolio
- support Ministers and Cabinet with timely information to support decision making
- give useful insights and actionable advice to support prioritisation and sequencing, and leveraging data and insights for other purposes (e.g. Budget, oversight of cost pressures)
- support the Minister of Finance to focus the portfolio on investments aligned to Government priorities
- build out the medium to long-term investment pipeline
- provide Ministers and Cabinet greater confidence that risk and issues are being escalated in a timely and consistent manner
- support advice on the performance of the investment management system.
We ask participating agencies each quarter to verify the progress of investments in their portfolio or provide information regarding new investments as they emerge. This is required to be signed off by the agency’s Chief Executive, or delegate as agreed with the agency.
Reporting often requires input from a wide range of stakeholders within agencies, including investment management teams, project managers and finance functions.
Agencies report investments based on the phase of the investment. The reporting framework is designed to identify the timing of stage gate decisions, expected funding requirements, and whether the investment is delivered to scope, on time and on budget in accordance with the Public Finance Act 1989.
Defining the investment Lifecyle for reporting
The following investment lifecycle definitions are used to capture and present investments at each phase:
- Investment Intentions – all pre-risk profile assessment (RPA), pre-business casing investment proposals over $100 million under consideration as part of an agency’s medium to long-term strategy.
- Investment Planning – all medium- and high-risk investment proposals (as assessed through the RPA and strategic assessment) in business casing.
- Investment Delivery – all medium and high-risk investments (irrespective of value) and low risk investments over $50 million following the signing of a commercial agreement.
- Investment Realisation – continues to track investments post-delivery on an annual basis for a period of up to 12 quarters (3 years). Agencies will be asked to provide a qualitative assessment of financial and non-financial benefits relative to original business casing.
How the data is used
Reporting is used to provide the Minister with a view of medium to long-term investment intentions, upcoming decisions, early investment risks and the progress of investments in delivery. We then use the data to inform advice on the performance of the investment management system, investment management and Budget policy, and eligibility for some of Treasury’s processes (for example, invitations to the Investment Panel process).
We seek advice from System Leaders to provide guidance for the Minister of Finance on whether investments early in their lifecycle align with their medium-term strategies.
Publicly available reports
- March 2022 quarterly report: Treasury Report T2022/858: Approach to prioritisation and sequencing of investments - 6 May 2022 - Budget 2023 Information Release
- March 2022 letters to portfolio Ministers: Document: Annex A - Quarterly Investment Pipeline and Delivery Reporting - Letters to Ministers - June 2022 - Budget 2023 Information Release
- June 2022 quarterly report: Treasury Report T2022/1548: Quarterly Investment Reporting Results June 2022 - 18 August 2022 - Budget 2023 Information Release
- September 2022 quarterly report: Treasury Report T2022/2199: Quarterly Investment Reporting September 2022 - 3 November 2022 - Budget 2023 Information Release
- December 2022 quarterly report: Treasury Report T2023/86: Quarterly Investment System Update - December 2022 - 9 March 2023 - Budget 2023 Information Release
- March 2023 quarterly report: Treasury Report T2023/703: Investment Management System Quarterly Update - 19 May 2023 - Budget 2023 Information Release