Two major Acts underpin the Territory's framework for the management of financial resources and provide for the range of accountability requirements:
The Financial Management Act provides governing principles for the financial management of the Territory and a financial framework within which agencies are required to manage their resources. The Act also specifies the identification and operation of certain Government business activities, internal control requirements, asset safeguarding, financial transactions and financial reporting obligations.
The Fiscal Integrity and Transparency Act requires the reporting of the Budget and forward estimates on the basis of external reporting standards. It establishes the principles for the conduct of the Government's fiscal policy, fiscal management and reporting.
The above two major Acts are supplemented by an annual Appropriation Act, which provides the legal authority for the Government's funding decisions in each year's Budget.
In addition, Treasury is responsible for policy development under the Working for Outcomes financial management framework and development of Treasurer's Directions. Treasurer's Directions provide governing principles for the financial management of the Territory and provide guidance to Accountable Officers in the financial management of their agencies.