The NSW government on Wednesday said it will have a real time and more detailed overview of its $70 billion budget under an initiative to modernise its financial management systems.
NSW treasurer, Gladys Berejiklian, said the Financial Management Transformation (FMT) program will be the biggest financial governance reform in the country.
“NSW has not fundamentally changed its approach to financial management for more than 30 years and reform in this space is well overdue,” Berejiklian said.
Under the program, the NSW government is spending $6 million on an Oracle budget management and reporting system, and $25.5 million with PwC on integration services.
For the first time in NSW, government will have real-time data on all of its spending decisions as they are being implemented, allowing it to better track how policies are performing, Berejiklian said.
“This means we can dedicate resources where they are needed most.”
The reform will also provide the government with a one-stop shop for financial information so it can more effectively manage and deliver public resources, she said.
“The program will deliver timely and clearer financial information to government at the push of a button – enabling us to make the best decisions about public spending.”
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