New Zealand Treasury
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| Agency overview | |
|---|---|
| Formed | 1840 |
| Jurisdiction | New Zealand |
| Headquarters | Level 5, 1 The Terrace, Wellington 6011 |
| Employees | 363 |
| Annual budget |
Vote Finance Total budget for 2016/17  $4,983,042,000 |
| Ministers responsible |
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| Agency executive |
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| Child agency | |
| Website | www |
The New Zealand Treasury (Māori: Kaitohutohu Kaupapa Rawa) is the central public service department of New Zealand charged with advising the government on economic and financial policy, assisting with improving the performance of New Zealand's economy, and managing financial resources.
Treasury has four main functions:
The Treasury is one of New Zealand’s oldest institutions, having been first established in 1840. Initially the Treasury consisted of just a few officials responsible for managing the Government’s day-to-day financial affairs. In the 1920s the department took on a supervisory role over other departments’ spending and oversight of government borrowing.
However, the most dramatic change to the role of the Treasury came in the 1950s when the department began to develop its role as economic advisor to the Government. The Treasury “hit the spotlight” in this role during a wave of far-reaching, and often controversial, economic reforms in the 1980s and early 1990s. This period also coincided with a general shift towards higher scrutiny of government activity and performance, making the Finance portfolio and Treasury operations more transparent.
Since the 1950s, the Treasury has evolved from being a control agency to a “central agency”. During this time, departments have become largely free to manage their own resources, with the Treasury’s role being to provide central agency leadership, coordination and monitoring.
Between 2008 and 2011 Treasury administered the Crown Retail Deposit Guarantee Scheme. Under the scheme the government bailed out nine finance firms including South Canterbury Finance to the value of approximately $2 billion.
Today the Treasury employs 363 people, is the Government’s lead advisor on economic and financial policy, and has the overall vision of helping governments achieve higher living standards for New Zealanders.
Specific areas of work undertaken by the Treasury include:
The Treasury serves 4 portfolios, 1 other responsibility, 6 ministers and 1 parliamentary undersecretary.
The Secretary to the Treasury is the public service head of the department.
Senior leadership
The New Zealand Debt Management Office (NZDMO) is the part of The Treasury responsible for managing the Crown’s debt, its cash flows and its interest-bearing deposits. The 1988 reforms of the Government’s financial management led to its establishment with the aim of improving the management of the Government’s debt portfolio.
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