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Thursday, 18 November 1976

The Department will be responsible for advice on or administration of: economic, fiscal and monetary policy. Its main responsibility will lie in the field of general economic management and it will be involved m a continuous assessment of current and future economic conditions and the provision of advice on appropriate policies including those relating to resource allocation. These policies include: budgetary policy- matters relating to expenditure, revenue and deficit/surplus and means of achieving overall budgetary objectives. monetary policy- matters relating to the control of the money supply, official interest rates, etc. taxation policy- matters relating to the structure and level of taxation in relation both to budgetary needs and effects on resource allocation. incomes and prices matters- providing advice on trends in income and price levels and on their bearing on broad economic objectives. external economic relations- i.e. matters relating to external financial and economic policy issues, including the balance of payments, overseas reserves, the working of the international economic and monetary systems, Australia's role in international financial affairs, Australia's membership of various international organisations Commonwealth/State financial relations including the provision of financial assistance to the States and local authorities and the sources of State and local authority revenue. matters relating to the raising, redemption or conversion of Australian Government loans in Australia and overseas, administration of the Financial Agreement and the

Gentlemen's Agreement, and the operations of the National Debt Commission. financial and economic aspects of policy matters concerning the structure and functioning of the banking system and other financial institutions in the Australian capital market, Australian capital investment abroad, exchange control, coinage, and aspects of company law bearing on company structures and financing. matters relating to foreign investment in Australia.

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