The Treasury convenes an Investment Panel of senior public and private sector officials to review and evaluate capital initiatives from a "whole of government" perspective.
Four times a year, the Treasury convenes an Investment Panel of senior public and private sector officials to review and evaluate capital initiatives from a "whole of government" perspective, and to assess their relative value. The Panel's recommendations are consolidated in a report, which is provided to Government Investment Ministers and informs their investment decision-making on initiatives across government.
The panel, convened since the 2013 Budget, has played a key role in improving the quality and consistency of investment analysis and advice across the State sector. In addition, the Panel's observations about the investment system as a whole have influenced the policies and processes being used in investment decisions at the agency, sector and all of government levels.
As an advisory group to the Treasury and Government Investment Ministers, the Panel's advice provides a valuable third-party perspective on proposed government investments. While the Panel does not make final decisions, its advice is influential in informing both the Treasury budget process and Government Investment Ministers in their investment recommendations to Budget Ministers.
For each investment reviewed the panel draws reference material from information provided by the sponsoring agencies, data collected through existing Treasury processes, and assessments formed by Treasury Vote Analysts as briefing information. After reviewing this information, the Panel then meets with the sponsoring agency and the relevant Vote Analysts to discuss the proposed investment. The discussion centers around the strategic fit and relative value of the investment, although there may be an additional focus on critical aspects of delivery. Over time, we anticipate the panel will be able to make a regular reassessment of the relative value of proposals moving through the investment pipeline, rather than relying on a single, point-in-time assessment focused on the annual budget process.
The Treasury convenes the panel four times a year before each May Budget:
- in February, to discuss all capital budget bids
- in June or July, to discuss baseline investments, and any investments that have been clarified or progressed since February
- in September, to discuss baseline and new initiatives prior to agencies finalising their four year plans, and
- in November, to discuss the state of the investment system prior to the next year's budget preparations, including a look at a representative sample of investments and investment portfolios across government.