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Australia - Commercialisation and Financing Branch (ComFin), Tasmania

Introduction

ComFin is part of the Budget and Finance Division of the Department of Treasury and Finance (Treasury) in Tasmania, Australia.

ComFin's role is to provide independent advice to the Treasurer on financial issues relating to Government businesses, including financial performance targets and general financial performance.

ComFin also provides advice on the establishment of new Government businesses, the corporatisation of Government Business Enterprises (GBEs), and also divestment, or part thereof, of Government businesses.

ComFin takes the role of the analyst providing investment advice to the Government on the portfolio. ComFin officers are likely to have frequent contact with senior management of Government businesses but infrequent contact with boards.

ComFin's role and outputs

ComFin's primary responsibilities are to:

monitor and provide advice on the performance and management of government businesses;
monitor the returns of government businesses;
provide advice in relation to the provision of Community Service Obligations;
coordinate presentations to rating agencies; and
provide advice on issues relating to private sector participation in public infrastructure.

Size of organisation

As demonstrated above, ComFin consists of 14 FTE's and has an annual budget of approximately AUS$1 million for both salary and non-salary overheard costs.

Portfolio of companies and entities

Government Business Enterprises

Subject to the Government Business Enterprises Act 1995

Forestry Tasmania

Forestry Tasmania is responsible for managing the State's 1.5 million hectares of State forest.

Hydro Tasmania

Hydro Tasmania is Australia's leading renewable energy business.

Hydro contributes about 60 percent of Australia's renewable energy through hydro power stations in Tasmania with increasing commercial involvement nationally and internationally.

Hydro has three major business interests. The Energy business manages and operates power stations and related hydro infrastructure for the generation and trading of electricity. The Consulting business provides specialised services to clients in Australia and overseas. Hydro also has a 50 percent interest in Roaring 40s - a joint venture with CLP Power Asia Limited to pursue renewable energy developments in Australia and overseas.

Motor Accidents Insurance Board	The Motor Accidents Insurance Board (MAIB) operates a combined common law/no fault motor accident scheme for Tasmanians. The scheme provides medical and income benefits on a no fault basis to persons injured in motor vehicle accidents whilst enabling access to common law
Port Arthur Historic Site Management Authority	Since its creation in 1987, the Port Arthur Historic Site Management Authority (PAHSMA) has been responsible for preserving and maintaining one of Australia's most important heritage sites and major tourism destinations. PAHSMA operated to conserve, manage and promote the Port Arthur Historic Site as a cultural tourism place of international significance'
Printing Authority of Tasmania	The Printing Authority of Tasmania (PAT) started operations in 1839 as the Tasmanian Government Printer and is the second largest printer in Tasmania. PAT performs printing operations in the government sector.
Rivers and Water Supply Commission	The Rivers and Water Supply Commission (RWSC) is a Government Business Enterprise responsible for the State Government owned water schemes, including the: Prosser River Supply Scheme Togari Water Supply Scheme River Clyde Irrigation Scheme South East Irrigation Scheme Furneaux Drainage Scheme Welcome River Improvement Scheme Montagu River Improvement Scheme. RWSC works closely with the local community to move its water schemes to self-management by users.
Southern Regional Cemetery Trust	The Southern Regional Cemetery Trust is responsible for the management, development and operation of Hobart's cemeteries. The Trust's main function is to provide burials and cremations and related facilities and services to meet the community needs of Southern Tasmania. This includes: the maintenance and development of burial, memorial gardens, parklands and crypt services and facilities at the Cornelian Bay Cemetery the maintenance and development of burial and memorial garden services and facilities at Kingston and Eastern Shore Cemeteries the maintenance, operation and development of the Hobart Crematorium the maintenance and upgrading of its historical database, and the investigation, planning and implementation of new services and products
Tasmanian Public Finance Corporation	Tasmanian Public Finance Corporation (TASCORP) was established by the Tasmanian Public Finance Corporation Act 1985. TASCORP is a statutory body corporate but has no share capital. TASCORP was established to act as the central fund raising authority for the State Authorities, as defined under the TASCORP Act. It also has the power to borrow funds for onlending to local government authorities being municipal councils, companies within the meaning of the Ports Companies Act 1997 and water authorities as defined in the TASCORP Act. TASCORP has undertaken all borrowings, (both domestic and overseas) for all Tasmanian State Authorities since 1 July 1986. The Treasurer of the State of Tasmania may direct the State Authorities to borrow from TASCORP rather than from any other lender, under Section 16(1) of the TASCORP Act.
Tasmanian International Velodrome Management Authority	The core business of the Tasmanian International Velodrome Management Authority is the management of operation of the Silverdome complex for sporting, entertainment, convention, meeting, exhibition and related purposes. The Silverdome is a multi-purpose complex with an international standard indoor cycling velodrome. Usage capabilities extend from indoor sports to major exhibitions, conventions, meetings, concerts, circus, ice and arena events.
The Public Trustee	The mission of The Public Trustee, as a Government Business Enterprise, is to offer quality, independent Trustee Services to the Tasmanian community. The vision of The Public Trustee is to be commercially successful and respected as a progressive and accessible specialist in the provision of Trustee Services to all Tasmanians.

State Owned Companies

Subject to the Corporations Act 2001

Aurora Energy Pty Ltd	Aurora Energy Pty Ltd is Tasmania's electricity distribution and retail company. Aurora is committed to providing excellent customer service.
Metro Tasmania Pty Ltd	Metro Tasmania Pty Ltd was established in February 1998. The company trades as Metro and operates bus services in Hobart, Launceston and Burnie. Metro is the largest passenger transport company in Tasmania.
Tasmanian Ports Corporation Pty Ltd
Transend Networks Pty Ltd	Transend Networks Pty Ltd owns and operates the electricity transmission system in Tasmania - the highways of power between power stations and the local distribution network.
TT-Line Company Pty Ltd	TT-Line manages the operation of the passenger ferrys Spirit I and II between Devonport and Melbourne and Spirit III between Devonport and Sydney.

See website for more information: ComFin.