Statement from Mr Michael Allen, Chief Executive Designate, Australian Office of Financial Management

9 March 2000

The Australian Office of Financial Management (AOFM) was established
last year to enhance the Commonwealth’s capacity to manage its net
debt position, including through adopting a comprehensive approach to
the management of all financial risks bearing on the net debt portfolio.

Having accepted the offer of appointment to the position of Chief Executive,
I very much look forward to the challenge of working to achieve the Government’s
objectives for the AOFM, building on the advances already made in recent
years by Treasury in the testing field of public sector financial risk

The Government has clearly signalled its intention to continue on a path
of further reductions in the Commonwealth’s net debt position. At
the same time, as the Treasurer has noted on a number of occasions, the
Government intends that the net debt portfolio be managed such that the
depth, liquidity and efficiency of the market for Commonwealth Government
securities (CGS) is maintained. As the Treasurer has indicated, there
are a range of financial management techniques that can be used in this

The Commonwealth has, for a number of years now, maintained a well-earned
reputation for open and transparent communication with financial markets
on all aspects of its debt management operations and strategies. I look
forward to working with the current team in building further on this platform
of communication and transparency, and to establishing a genuine and productive
dialogue with all market stakeholders.

9 March 2000

Contacts: Michael Allen or Peter McCray (02) 6263 3743

Last updated: 4 March 2014