An independent review led by Dr Guy Debelle has found that the Australian Office of Financial Management (AOFM) is effectively meeting the Commonwealth’s financing needs and delivering a highly respected debt management program.
The Review confirmed AOFM’s strong capability to deliver and has confidence in its ability to meet its mandate.
“The AOFM is “effective at meeting the financing needs of the Commonwealth,” and “ the debt management program is highly respected by participants in the Australian sovereign debt market.”
AOFM Chief Executive Officer Ms Anna Hughes said, “As an agency that prides itself on continuous improvement, we welcome the independent assessment, which recognises the strength of our work and highlights opportunities to further improve our operations.”
Ms Hughes said the AOFM has strong internal capability across strategy, market analysis and risk management. The focus is on cross-skilling and strengthening these capabilities to support staff to build broad, transferable expertise.
“We acknowledge the recommendation to increase organisational capacity in times of heightened financial stress and ensure appropriate challenge, and will consider all options as part of the development of our Strategic Workforce Plan to address this risk,” Ms Hughes said.
AOFM will consider the report’s broader opportunities to refine its operations, including working with Treasury on the Advisory Board's future role.
Overall, the AOFM appreciates the Review’s recognition of its strong performance and ongoing role in supporting Australia’s financial system.
Importantly, the Review concluded that “the Debt Management Strategy is fit for purpose and represents a mature debt program that delivers cost-effective outcomes for the Government and taxpayer.” The report also noted that “The Strategy is variously described as 'best in class', 'well established' and 'predictable' by key stakeholders.”
Ms Hughes said, “We thank the Review team for their hard work and diligence.”
“We remain focused on cross-skilling and bolstering the strong internal capability, maintaining market confidence, and supporting the strength of Australia’s sovereign debt market,” Ms Hughes said.
Note for journalists:
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The report is available on the Treasury website
Any questions pertaining to the review process or findings should be referred to the Treasury Media Team – media@treasury.gov.au · Phone +61 2 6263 2300
