Department of Treasury and Finance
Encyclopedia
In the Australian
state of Victoria
, the Department of Treasury and Finance (DTF), also often informally referred to as The Treasury, is a government department within the Victorian Government that plays a leading role in economic, financial and resource management to support the government in delivering its policies. It is one of two central agencies, along with the Department of Premier and Cabinet, that lead and coordinate the State government in its operations.
The department has overall responsibility for formulating and implementing the government's longer-term economic and budgetary objectives, which are to achieve economic growth for all regions of the State and increase the living standards of all Victorians. It produces the State budget each year and monitors the State's financial accounting, control and reporting obligations.
The department publishes a number of financial reports throughout the year designed to allow the government to fulfill its public accountability role as dictated by legislation. Disclosure of government financial statements ensures adequate scrutiny of government expenditure.
by more than a decade.
As well as being involved in collecting revenue
from land sales and customs duty, the treasury became the principal agency responsible for the sale and safe storage of gold extracted from Victoria’s mines in the second half of the nineteenth century (see Victorian Gold Rush
).
The building of the treasury (now known as 'the old treasury building'), along with other civic offices like the Parliament, Customs House, and Post Office, was a reaction by authorities who wanted to display state power in Melbourne because of fears of public disorder following the gold rush.
Barry Patten designed 1 Treasury Place and built it in the '60s according to the Internationalist style
of architecture. The building is also on the Victorian Heritage Register. Since a skyway
connects 1 Treasury Place to 1 Macarthur Street, both are often considered to be part of the same building. Only the Government Services Division of DTF works at 120 Collins Street
. The whole area linking Parliament House
, St. Patrick's Cathedral
, Fitzroy Gardens
, and Treasury Gardens is called the Treasury Reserve, a heritage-listed precinct.
Before 1878, the Victorian Treasury was situated at the corner of Spring Street and Macarthur Street. When the state treasurer and his officers moved to Treasury Place, the old building was renamed the Old Treasury
. Old Treasury was widely regarded as the finest 19th century public building in Australia. Upstairs in the building, Treasury officials kept the colony’s accounts. Below, in the basement, were bluestone vaults for storing the gold
sent by government escort from the goldmining fields.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
state of Victoria
Victoria (Australia)
Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....
, the Department of Treasury and Finance (DTF), also often informally referred to as The Treasury, is a government department within the Victorian Government that plays a leading role in economic, financial and resource management to support the government in delivering its policies. It is one of two central agencies, along with the Department of Premier and Cabinet, that lead and coordinate the State government in its operations.
The department has overall responsibility for formulating and implementing the government's longer-term economic and budgetary objectives, which are to achieve economic growth for all regions of the State and increase the living standards of all Victorians. It produces the State budget each year and monitors the State's financial accounting, control and reporting obligations.
The department publishes a number of financial reports throughout the year designed to allow the government to fulfill its public accountability role as dictated by legislation. Disclosure of government financial statements ensures adequate scrutiny of government expenditure.
History
The Department of Treasury and Finance can trace its origins to the earliest days of the settlement that became the State of Victoria. The department is one of Victoria’s oldest institutions, predating the Parliament of VictoriaParliament of Victoria
The Parliament of Victoria is the bicameral legislature of the Australian state of Victoria. It follows a Westminster-derived parliamentary system and consists of The Queen, represented by the Governor of Victoria; the Legislative Council ; and the Legislative Assembly...
by more than a decade.
As well as being involved in collecting revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
from land sales and customs duty, the treasury became the principal agency responsible for the sale and safe storage of gold extracted from Victoria’s mines in the second half of the nineteenth century (see Victorian Gold Rush
Victorian gold rush
The Victorian gold rush was a period in the history of Victoria, Australia approximately between 1851 and the late 1860s. In 10 years the Australian population nearly tripled.- Overview :During this era Victoria dominated the world's gold output...
).
The building of the treasury (now known as 'the old treasury building'), along with other civic offices like the Parliament, Customs House, and Post Office, was a reaction by authorities who wanted to display state power in Melbourne because of fears of public disorder following the gold rush.
DTF Divisions
The Department of Treasury and Finance has five divisions:- Budget and Financial Management,
- Commercial,
- Economic and Financial Policy,
- Government Services, and
- Corporate Strategy and Services.
DTF Buildings
The Department of Treasury and Finance performs its operations in three main buildings:- 1 Treasury Place1 Treasury Place1 Treasury Place is a government building in Melbourne, Victoria, Australia that was built in the '60s and comprises five levels of office accommodation...
, - 1 Macarthur Street, and
- 120 Collins Street120 Collins Street120 Collins Street is a skyscraper in Melbourne, Victoria, Australia. Built from 1989 to 1991 and comprises 50 levels of office accommodation and 4 levels of plant.The building was designed by architectural firm Hassell, in association with Daryl Jackson...
.
Barry Patten designed 1 Treasury Place and built it in the '60s according to the Internationalist style
International style (architecture)
The International style is a major architectural style that emerged in the 1920s and 1930s, the formative decades of Modern architecture. The term originated from the name of a book by Henry-Russell Hitchcock and Philip Johnson, The International Style...
of architecture. The building is also on the Victorian Heritage Register. Since a skyway
Skyway
In an urban setting, a skyway, catwalk, sky bridge, or skywalk is a type of pedway consisting of an enclosed or covered bridge between two buildings. This protects pedestrians from the weather. These skyways are usually owned by businesses, and are therefore not public spaces...
connects 1 Treasury Place to 1 Macarthur Street, both are often considered to be part of the same building. Only the Government Services Division of DTF works at 120 Collins Street
120 Collins Street
120 Collins Street is a skyscraper in Melbourne, Victoria, Australia. Built from 1989 to 1991 and comprises 50 levels of office accommodation and 4 levels of plant.The building was designed by architectural firm Hassell, in association with Daryl Jackson...
. The whole area linking Parliament House
Parliament House, Melbourne
Parliament House in Melbourne, located at Spring Street in East Melbourne at the edge of the Melbourne city centre, has been the seat of the Parliament of Victoria, Australia, since 1855 .- History :In 1851, even before the colony of Victoria acquired full parliamentary self-government, Governor...
, St. Patrick's Cathedral
St Patrick's Cathedral, Melbourne
St Patrick's Cathedral is the cathedral church of the Roman Catholic Archdiocese of Melbourne in Victoria, Australia, and seat of its archbishop, currently Denis J. Hart. The building is known internationally as a leading example of the Gothic Revival style of architecture.In 1974 Pope Paul VI...
, Fitzroy Gardens
Fitzroy Gardens, Melbourne
The Fitzroy Gardens are 26 hectares located on the southeastern edge of the Melbourne Central Business District in East Melbourne, Victoria, Australia...
, and Treasury Gardens is called the Treasury Reserve, a heritage-listed precinct.
Before 1878, the Victorian Treasury was situated at the corner of Spring Street and Macarthur Street. When the state treasurer and his officers moved to Treasury Place, the old building was renamed the Old Treasury
Old Treasury Building, Melbourne
The Old Treasury Building on Spring Street in Melbourne, was once home to the Treasury Department of the Government of Victoria, but is now a museum of Melbourne history, known as the Old Treasury Building.-History:...
. Old Treasury was widely regarded as the finest 19th century public building in Australia. Upstairs in the building, Treasury officials kept the colony’s accounts. Below, in the basement, were bluestone vaults for storing the gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
sent by government escort from the goldmining fields.
DTF Ministers
The Department of Treasury and Finance provides support and services to three ministers of the Victorian Government:- TreasurerTreasurerA treasurer is the person responsible for running the treasury of an organization. The adjective for a treasurer is normally "tresorial". The adjective "treasurial" normally means pertaining to a treasury, rather than the treasurer.-Government:...
- Kim WellsKim WellsKimberley Arthur "Kim" Wells is an Australian politician. He has been a Liberal member of the Victorian Legislative Assembly since 1992, representing first Wantirna and then Scoresby. Wells has been the Treasurer of Victoria since December 2010.Wells was born in Leongatha, Victoria, and attended...
MP - Minister for Finance, Attorney General - Robert ClarkRobert Clark (Australian politician)Robert William Clark is a politician representing the Liberal Party of Australia in the state of Victoria.He is currently the Member for Box Hill in the Victorian Legislative Assembly and Attorney-General of Victoria.-Early life:Having attended both St...
MP - Assistant Treasurer, Minister for Technology, Minister Responsible for the Aviation Industry - Gordon Rich-PhillipsGordon Rich-PhillipsGordon Kenneth Rich-Phillips is an Australian politician representing the Liberal Party of Australia in the Victorian Legislative Council....
MLC