NSW Treasury leads the economic, jobs and investment conversation across New South Wales (NSW). From its position at the centre of government, Treasury drives the economic development strategy to guide the State’s growth for the benefit of the people who live, work and study in NSW. Its work includes boosting trade, investment and tourism, developing industry, supporting jobs growth, improving service delivery to the community and increasing living standards, now and into the future. 

Treasury’s work is underpinned by four Pillars: our Economic Blueprint, which builds on our significant achievements to date to set out the long-term strategies for our next phase of economic growth; Balance Sheet Management – the NSW Generations Fund (NGF), seeded with $10 billion in 2019 and expected to grow to more than $28 billion over the next decade;
Federal Financial Relations – David Thodey AO and an expert panel are providing a NSW perspective on the sustainability of the federal funding system; and Planning for Outcomes – sector-wide reform integrating outcome-focused target setting to improve alignment and effectiveness of agency budgets towards the delivery of State outcomes.

Our core responsibilities

Management of NSW finances

  • consistent collection and consolidation of financial information from public entities
  • strong financial management through accurate data, analysis and advice
  • stewardship of the public sector financial system to enable delivery of outcomes
  • effective delivery of the Budget, Total State Sector Accounts and other financial reports, on behalf of the Treasurer.

Analysis, advice and delivery

  • informed fiscal, economic, commercial and financial policy advice
  • innovative reforms which support a strong and competitive economy
  • robust risk management and governance frameworks.

Management of NSW assets

  • value-creating commercial and financial transactions
  • respected commercial, financial and service delivery reforms
  • market-leading analysis and advice on private financing of public infrastructure
  • managing, monitoring and advising on the efficiency and effectiveness of public sector commercial agencies.

Statement of business ethics


NSW Treasury is responsible for the management of NSW finances, the provision of analysis and advice, and for the management of NSW assets. We are the Government’s key advisor on economic and fiscal management and sector performance. In addition to the traditional policy, performance, and advice foundations of Treasury, the Machinery of Government changes in July 2019 have brought into the cluster additional delivery capability focused on economic performance and productivity. 

Aligned to our purpose, the State Outcomes for the Treasury cluster are:

  1. Economic performance: A strong, resilient and diverse economy
  2. Fiscal performance: A sustainable fiscal environment to enable delivery of outcomes
  3. Public sector performance: Stewardship of the public sector performance and financial management system to enable delivery of outcomes.

In providing these outcomes and services, Treasury endeavours to be market-leading, value-creating and innovative. 
NSW Treasury (or “Treasury”) relies on both government and non government commercial entities in order to deliver on its responsibilities and maintain compliance with relevant legislation and regulation. 

This Statement sets out guidance and expectations for commercial partners and suppliers when dealing with NSW Treasury. It also outlines what is expected from Treasury. All individuals and organisations are expected to comply with this document, whilst acting ethically and behaving in line with Treasury’s values in all dealings. 

In addition to this, NSW Treasury staff are also expected to comply with the Code of Ethics and Conduct as part of their employment. 

Our values 

The key values that underpin NSW Treasury are:

Table of Values

In addition to these, Treasury’s key business principles include achieving best value for money in supporting the delivery of services to government while being fair, ethical and transparent. 

What we expect from you

In addition to behaving in line with the outlined organisational values, all commercial partners and suppliers are required to observe the following principles when doing business with NSW Treasury: 

  • Comply with applicable Federal and State laws, NSW Government policies including the Procurement Policy Framework and codes of practice including supplier conduct and NSW Treasury's procurement policies and procedures;  
  • Act ethically, fairly and honestly in all dealings;
  • Refrain from collusive activities, including offering NSW Treasury employees, contractors and consultants any financial inducements or any gifts, benefits, or hospitality;
  • Refrain from discussing NSW Treasury in the media prior to obtaining approval; 
  • Fulfil reasonable requests for information or support; 
  • Remain transparent and diligent regarding business undertaken and supply chains utilised; 
  • Manage business risks to the satisfaction of NSW Treasury;
  • Declare potential, perceived, or actual conflicts of interest as soon as they become known; 
  • Prevent the disclosure of confidential NSW Treasury information and protect NSW Treasury intellectual property; and
  • Assist NSW Treasury to prevent fraud, corruption and unethical practices in business relationships by reporting wrongdoing (refer to practical guidelines below).

What you can expect from us

NSW Treasury will primarily promote the integrity and reputation of NSW Government by prioritising public needs, and acting ethically and professionally at all times. In achieving this, we will:

  • Comply with all applicable Federal and State laws,  and NSW Government policies, procedures, practices ;
  • Have all staff comply with the principles outlined in the Code of Ethics and Conduct; 
  • Not disclose any confidential or commercially sensitive information unless required by law, government policy or as otherwise authorised; 
  • Maintain a culture of ethical behaviour demonstrated by fair and professional treatment of all stakeholders;  
  • Utilise public resources appropriately and efficiently; and
  • Investigate any reports of unethical or corrupt behaviours. 
  • In completing procurement activity, we will:
  • Comply with NSW Government procurement framework and policies;
  • Document all key procurement activities and decisions to allow for review of the procurement process and selections; and
  • Treat all potential suppliers or contractors with fairness, transparency, and remain free from bias. 


Not complying with the requirements outlined in this Statement of Business Ethics could lead to:

  • Termination of contracts; 
  • Loss of future work;
  • Loss of reputation;
  • Investigation for corruption; and / or
  • Matters being referred for criminal investigation.

Practical guidelines

Incentives, gifts, benefits and hospitality

Commercial partners and suppliers should not offer or give gifts to NSW Treasury employees.  NSW Treasury employees will decline gifts, benefits, or travel offered during the course of their work that may have or perceive to have an impact on their independence.  Cash gifts (or equivalent, e.g. gift vouchers) are never acceptable.

NSW Treasury employee participation in some modest forms of hospitality is permitted where: a clear underlying business purpose exists; it is in the normal course of business; relates to the work of NSW Treasury; and is disclosed by the employee. Modest hospitality could include attendance or participation in industry events such as conferences or symposiums.

Offers, acceptance, and non-acceptance, of gifts, benefits and hospitality are required to be disclosed by NSW Treasury employees in accordance with the Gifts and Benefits Policy.
NSW Treasury acknowledges that judgement by commercial partners/suppliers, employees, and Treasury management needs to be exercised regarding the offer and acceptance of such hospitality –it must be modest (both actual and in perception) and not be encumbered by obligation.  It must also not be offered at a time that could result in a perception of, or actual conflict of interest (for example during a tender or contract negotiation period).  Once an offer is made and an employee chooses to accept this it is at the discretion employee’s direct manager and the Director of Audit & Risk whether the above criteria has been met, and whether acceptance of the gift is in line with policy. 

Conflicts of interest

All NSW Treasury employees are required to disclose any actual, perceived, or potential conflicts of interest.  This includes those that can, or could, arise from personal relationships between NSW Treasury employees and staff of commercial partners and suppliers.  This requirement is extended to all NSW Treasury commercial partners and suppliers. Refer to Code of Ethics and Conduct.   

Private employment

NSW Treasury staff are expected to prioritise the work of the Agency ahead of any other private/secondary employment interests. NSW Treasury requires employees to obtain the approval of management prior to entering into any private/secondary employment arrangement. This will not be approved if it has the potential to create an actual or perceived conflict of interest between the employee’s public official role and their private interests.  
Commercial partners and suppliers must not offer NSW Treasury employees private employment which conflicts with their public duties. 

Public comment

Non-NSW Treasury employees must not make any public comment or statement that would lead anyone to believe that they are representing NSW Treasury, or expressing its views or policies whether at public and community meetings, via the media, or when it is reasonable that comments or statements will become known to the public at large.
NSW Treasury employees are not permitted to provide public endorsement, on NSW Treasury’s behalf, of companies or their products.

Public interest disclosures

NSW Treasury does not tolerate corrupt conduct, maladministration, serious and substantial waste of public money, government information contravention, and other forms of serious wrongdoing.  NSW Treasury commercial partners and suppliers are required to report all information that they become aware of, which indicates on reasonable grounds potential serious wrongdoing by NSW Treasury and its related entities.
Individuals and corporations (and employees or officers of these corporations) engaged by NSW Treasury under a contract to provide services to, or on behalf of, NSW Treasury are classified as ‘public officials’ under the Public Interest Disclosures Act 1994.  The Act protects public officials from reprisal or detrimental action when disclosing corrupt conduct or other specific wrongdoing in line with requirements of the Act.  To be protected, reports must be made to Disclosures Officers, Disclosures Coordinators, or the Principal Officer (the Secretary).   

Potential Breaches 

NSW Treasury treats any breaches of its obligations seriously. For any concerns about a possible breach of any conduct that could involve fraud, corrupt conduct, maladministration, or serious and substantial waste of public funds please contact: 

Tim Jap
Disclosures Coordinator
52 Martin Place 
Tel: (02) 9228 4077

Primary legislation administered by NSW Treasury

Treasury administers a large range of Acts and regulations on behalf of the Treasurer. The following Acts constitute the primary legislation which governs most of the agency’s core business.

  • Annual Reports Acts (Departments, 1985; Statutory Bodies, 1984)
  • Fiscal Responsibility Act 2012
  • Long Service Corporation Act 2010
  • Public Finance and Audit Act 1983
  • Public Authorities (Financial Arrangements) Act 1987
  • Government Sector Employment Act 2013 (Part 4, Division 6, jointly with the Premier)
  • Appropriation Act 2014 Appropriation (Budget Variations) Act 2014
  • Appropriation (Parliament) Act 2014
  • Restart NSW Fund Act 2011
  • Annual Holidays Act 1944
  • Long Service Leave Act 1955
  • Public Holidays Act 2010

As a department in the NSW Public Sector, Treasury has administrative responsibility for the following entities up until 30 June 2019:

  • Alpha Distribution Ministerial Holding Corporation
  • Electricity Assets Ministerial Holding Corporation
  • Electricity Transmission Ministerial Holding Corporation
  • Epsilon Distribution Ministerial Holding Corporation
  • Liability Management Ministerial Corporation
  • Ministerial Holding Corporation
  • Ports Assets Ministerial Holding Corporation
  • State Rail Authority Residual Holding Corporation

Treasury also administers the Crown Entity which manages assets, liabilities and transactions that cover matters relevant to the government rather than any individual agency.

The following entities fall within the Treasury cluster:

  • Treasury Corporation (TCorp)
  • SAS Trustee Corporation
  • icare (Insurance and Care NSW)
  • Port of Newcastle, Port Botany and Port Kembla Lessor Companies (Pty Ltd)
  • Restart NSW Fund
  • Social and Affordable Housing NSW Fund
  • Electricity Retained Interest Corporation – Ausgrid
  • Electricity Retained Interest Corporation – Endeavour Energy
  • NSW Generations (Debt Retirement) Fund
  • NSW Generations (Community Services & Facilities) Fund
  • Roads Retained Interest Pty Ltd

Last updated: 04/02/2021