OFM STRATEGIES

OFM applies a number of strategies to ensure State financial and economic management outcomes.

State Fiscal Strategy

The State Fiscal Strategy is the key component of the NSW Treasury’s strategic management framework to ensure the strength of NSW's financial position. The Fiscal Strategy encompasses a number of principles and targets, such as reducing the level of net financial liabilities as a share of Gross State Product, and maintaining a net operating surplus sufficient to meet the net financial liabilities target. The Government’s Fiscal Strategy was updated in 2005 to incorporate new fiscal targets. The changes were enshrined in the Fiscal Responsibility Act 2005.

Financial Management Framework

The implementation of a financial management framework and its various elements is the major mechanism to improve the outcomes for the community from Government programme and service delivery.

Commercial Policy Framework

Strengthening the commercial policy framework that applies to Government businesses maximises the value of these businesses, and ensures an appropriate return on the Government's investment in them. It is a key strategy to strengthen the State's finances.

Microeconomic Reform

OFM's microeconomic reform strategy aims at productivity improvement not only within government, but also the broader economy. The former is pursued by periodic review of service delivery and associated funding for key sectors. Implementation of the National Reform Agenda including competition policy contributes to the latter.

State Balance Sheet Management

State balance sheet management aims to ensure an optimal State's balance sheet structure that will allow the State to maintain the level of services throughout economic cycles. Effective application of the fiscal strategy will enhance the achievement of this objective.

Organisation Development

Our organisation development focuses on the skills of our people and their ability to work together as a team and in partnership with other agencies. This strategy underpins the other elements of OFM's Strategic Management Framework