Department of Finance and Deregulation

The Department of Finance and Deregulation (DFD) was an Australian Government department responsible for a wide range of functions related to the nation’s financial management, governance, and deregulation agenda. While it no longer exists under that specific name, its responsibilities have been largely absorbed into other departments, primarily the Department of Finance.

The DFD’s core mandate was to improve the efficiency and effectiveness of government operations and reduce the burden of regulation on businesses and individuals. This involved overseeing the Commonwealth budget, managing government assets and liabilities, providing advice to the government on financial matters, and driving microeconomic reform through deregulation.

Key functions of the Department included:

• Budget Management: The DFD played a vital role in the preparation, management, and implementation of the Commonwealth Budget. This involved working with other government departments to allocate resources efficiently and effectively, ensuring fiscal responsibility, and providing advice to the government on budgetary matters.
• Financial Framework: The department was responsible for developing and maintaining the financial framework for the Australian government. This included setting accounting standards, establishing guidelines for financial reporting, and promoting best practices in financial management across government agencies.
• Government Asset Management: The DFD oversaw the management of government-owned assets, including property, infrastructure, and investments. This involved developing strategies for optimizing the use of these assets, ensuring their long-term sustainability, and maximizing their value for the benefit of the Australian public.
• Deregulation: A significant focus of the DFD was to reduce unnecessary regulation and streamline processes for businesses. This involved identifying areas where regulations were overly burdensome or inefficient, developing proposals for regulatory reform, and working with other government agencies to implement these reforms. The goal was to create a more competitive and dynamic economy by reducing red tape and fostering innovation.
• Procurement Policy: The Department developed and implemented policies related to government procurement, ensuring that the government obtains value for money when purchasing goods and services. This involved promoting competition, transparency, and accountability in the procurement process.
• Shared Services: The DFD oversaw the provision of shared services to government agencies, such as payroll, human resources, and IT support. This aimed to improve efficiency and reduce costs by centralizing these functions and leveraging economies of scale.

The Department of Finance and Deregulation played a crucial role in ensuring the sound financial management of the Australian government and promoting a more efficient and competitive economy through deregulation. Although its specific structure has evolved, the underlying principles of fiscal responsibility, efficient resource allocation, and regulatory reform remain central to the Australian government’s agenda. The functions previously performed by the DFD are now largely integrated within the current Department of Finance and other relevant agencies, continuing to contribute to the effective functioning of the Australian government.