Australian Government, the Australian Office of Financial Management

 

STATEMENT FROM MR MICHAEL ALLEN, CHIEF EXECUTIVE DESIGNATE, AUSTRALIAN OFFICE OF FINANCIAL MANAGEMENT

The Australian Office of Financial Management (AOFM) was established last year to enhance the Commonwealth's capacity to manage its net debt position, including through adopting a comprehensive approach to the management of all financial risks bearing on the net debt portfolio.

Having accepted the offer of appointment to the position of Chief Executive, I very much look forward to the challenge of working to achieve the Government's objectives for the AOFM, building on the advances already made in recent years by Treasury in the testing field of public sector financial risk management.

The Government has clearly signalled its intention to continue on a path of further reductions in the Commonwealth's net debt position. At the same time, as the Treasurer has noted on a number of occasions, the Government intends that the net debt portfolio be managed such that the depth, liquidity and efficiency of the market for Commonwealth Government securities (CGS) is maintained. As the Treasurer has indicated, there are a range of financial management techniques that can be used in this regard.

The Commonwealth has, for a number of years now, maintained a well-earned reputation for open and transparent communication with financial markets on all aspects of its debt management operations and strategies. I look forward to working with the current team in building further on this platform of communication and transparency, and to establishing a genuine and productive dialogue with all market stakeholders.

CANBERRA
9 March 2000

Contacts: Michael Allen or Peter McCray (02) 6263 3743

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