The treasury is responsible for executing economic and fiscal policy, market regulation and the delivery of the federal budget with the department overseeing 16 agencies.

The most senior public servant in the Treasury is the department secretary, currently Steven Kennedy who was appointed in September 2019.

[6] The department is focused on developing Australian taxation system, land and income tax and economic policies.

[7] The department works with the Australian Prudential Regulation Authority, the Australian Securities & Investments Commission and the Reserve Bank of Australia via the Council of Financial Regulators Working Group to ensure that market operators have appropriate oversight and to facilitate crisis management if required.

In 2008, Treasurer Wayne Swan called Secretary to the Treasury Ken Henry an "independent economic regulator," similar to the Governor of the Reserve Bank.