The Intergovernmental Agreement on Federal Financial Relations provides the overarching framework for the Australian Government’s financial relations with the states. It sets the foundation for collaboration on policy development and service delivery, to deliver coordinated action to address Australia’s economic and social challenges.
There are a number of intergovernmental forums that oversee Australia’s system of federal-state financial relations. These include:
- Council on Federal Financial Relations (CFFR), which comprises the Treasurers of the Australian, state and territory governments and which oversees the operation of the Intergovernmental Agreement on Federal Financial Relations.
- Heads of Treasuries (HoTs) meetings, which are convened every three to four months to discuss federal financial relations issues, and which are attended by Commonwealth, state and territory Under Treasurers or Secretaries. HoTs also provide advice to the CFFR as required.
- Board of Treasurers (BoT), comprising all state and territory Treasurers. Formed in 2017 to collaborate on issues of common interest, advance national reform priorities and foster more effective engagement with the Commonwealth government. Coordinates with CFFR and HoTs as required.
- Council of Australian Governments (COAG), the peak intergovernmental forum in Australia, attended by the Prime Minister, Premiers and Chief Ministers, and the President of the Australian Local Government Association.
NSW Treasury provides support for the Premier, Treasurer and Treasury Secretary to participate at these forums.
A list of the major intergovernmental reforms that are currently underway can be found on the COAG website.