Economic Policy has a major role in providing policy advice to the Treasurer and Cabinet on economic issues. In doing this, we aim to ensure that the Territory’s financial and physical resources are applied in the most effective manner to protect and enhance the Territory’s long-term financial and economic viability.
Economic Policy also provides advice on a range of microeconomic issues with key areas of responsibility including economic implications of government policy initiatives, government businesses and competitive neutrality, regulatory review (in the form of competition impact analysis), insurance, micro economic reform and economic development issues.
Economic Policy provides advice on the Competition Impact Analysis (CIA) process, which is the Territory Government's formal regulatory review mechanism, designed to ensure that legislation is efficient and only restricts competition where it is in the public interest to do so. It assists the Government by ensuring new legislation is analysed to identify its full impacts, cost and benefits and to determine whether the Territory’s net public benefit is maximised by the legislation under consideration.
Economic Policy provides advice to Government on the development of the policy framework for Government Business Divisions. Other responsibilities for the business unit include advising on the reform of the Territory’s government businesses, responding to competitive neutrality complaints against government business activities.
Economic Policy takes a lead role in providing advice to the Government on public liability insurance, professional and medical indemnity insurance related reforms and other insurance issues. The business unit is also responsible for prudential oversight of the Territory Insurance Office.
Economic Policy has primary responsibility in providing advice on a wide range of issues relating to micro economic reform including electricity, water and gas industry reform initiatives. We also analyse and provide advice on the economic implications for the Territory of new policy proposals, major development proposals in which the Territory Government has an interest as well as prospective national economic developments.