Department of Treasury and Finance

Full description

The Department of Treasury (VA 3007) and the Department of Finance (VA 3016) merged formally on 31 March 1995 to form the new Department of Treasury and Finance (DTF) (VA 3745) (Victorian Government Gazette 752 G12, 30 March 1995).

The Department's initial name was Department of the Treasury and Finance until 6 June 1995, when it changed slightly and became the Department of Treasury and Finance (Victorian Government Gazette, 1390 G 22, 8 June 1995).

The newly created DTF's main responsibilities were to:

- ensure responsible and contemporary financial management
- prepare, manage and monitor the State's budgetary statements
- manage the public account
- initiate effective financial and economic reforms
- achieve progressive upgrading of Victoria's credit ratings
- generate and collect revenue
- monitor, manage and identify opportunities to restructure the State's debt and liabilities
- ensure that Victoria has a value for money capital works program
- implement structural reforms of Victoria's government businesses
- develop and manage intergovernmental financial relations
- provide advice on valuation and survey matters
- manage state owned and leased property and the Government's sales of surplus property
- develop and guide budget sector wide information technology policy and strategy
- develop superannuation policy on behalf of the State
- develop and monitor the Government's vehicle fleet policies.

The Department of Treasury and Finance provided the Government with economic, financial and resource management policy advice.

Following the machinery-of-government changes made by the newly elected Labor Government under the leadership of Premier the Hon Daniel Andrews MP, which reduced the number of existing State departments from nine to seven, DTF assumed responsibility of CenITex, the whole-of-government ICT shared services agency (Statement from the Premier, Thursday 4 December 2014).

After the machinery-of-government change, implemented 1 January 2015, DTF oversaw the following groups:

- Shareholder Advisory Services
- Financial Assets and Liabilities
- Infrastructure Advice and Delivery (High Value/High Risk)
- Construction Code Compliance
- Financial Reporting
- Budget Strategy
- Portfolio Analysis
- Finance and Technology Services
- Corporate Services
- Strategic Sourcing
- Economic Policy
- Social Policy
- Cost Control and Efficiency
- Macroeconomic and Revenue Forecasting
- Tax and Intergovernmental Relations
- Gambling Policy and Litigation
- Shared Services Provider.

On 1 March 2016, DTF acquired responsibility for the following Acts, as per the Victorian Government Gazette, No. S 44, 8 March 2016:

- Audit Act 1994 - Sections 8-10, 16A, 16B, 16D, 16E and 16G (responsibility was transferred from the Department of Premier and Cabinet (VA 1039)).

Under the same Gazette notification (No. S 44, 8 March 2016), DTF lost responsibility for the following Acts:

- Housing Act 1983 - Division 6 of Part VIII (responsibility was transferred to the Department of Health and Human Services (VA 5037)).

In December 2018, machinery of government changes transferred parts of the Transport Accident Commission and WorkSafe Victoria to the Department of Transport (VA 5250) and Department of Justice and Community Safety (VA 5252).

In November 2018, a new Economic Development Division was created (Victoria Government Gazette, S 551 29 November 2018).

Following further machinery of government changes in June 2020, the new portfolio Regulatory Reform was established within DTF (Victoria Government Gazette S 314, 30 June 2020, p 13). 

Under the same Gazette notification (S 314, 30 June 2020), DTF lost responsibility for the following Act:

- State Owned Enterprises Act 1992 – Division 2 of part 2 in so far that it relates to the CenITex.

From 1 January 2023, as part of machinery of government changes that occurred following the re-election of the Labor Andrews Government in November 2022, Invest Victoria moved from DTF to the Department of Jobs, Skills, Industry and Regions (Victoria Government Gazette S 673, 5 December 2022).

DTF assumed additional responsibilities for WorkSafe from Department of Justice and Community Safety (DJCS) (VA 5252) and Transport Accident Commission (TAC) from the former Department of Transport III (VA 5250) (Victorian Government Gazette S717, 19 December 2022).

DTF along with the Department of Premier and Cabinet, participated in a shared corporate services arrangement with the new Department of Government Services (DGS) (VA 5282)

As of 1 January 2023, the Department supported the following Ministers:
•    Treasurer
•    Assistant Treasurer
•    Minister for Worksafe and the TAC

As of February 2023, the Department comprised of the following divisions:
•    Budget and Finance Division
•    Economic Division
•    Strategic Communications Cabinet and Parliamentary Services
•    Commercial Division
•    Office of Projects Victoria

As of February 2023, DTF supported portfolio agencies that performed roles such as dispute resolution, industry regulation and service provision. The agencies include:
•    Better Regulation Victoria
•    Emergency Services and State Super
•    Essential Services Commission
•    Infrastructure Victoria
•    Land Tax Hardship Relief Board
•    Medical Panels
•    Office of Projects Victoria
•    Old Treasury Building Committee of Management
•    State Revenue Office
•    State Trustees Limited
•    Transport Accident Commission
•    Treasury Corporation of Victoria
•    Victorian Asbestos Eradication Agency
•    Victorian Funds Management Corporation
•    Victorian Managed Insurance Authority
•    Victorian Plants Corporation
•    Workplace Injury Commission
•    Worksafe Victoria.