Defence

Finance

World leaders in financial management

Defence’s financial management processes are world’s best practice in many respects, said First Assistant Secretary, Budget and Financial Planning, Mr George Veitch, following his return from an inaugural international seminar on Defence finance and economics in New Delhi.

Mr George Veitch doing a spot of shopping in the heat and dust of New Delhi.
Photo by Rear Admiral Matt Tripovich

The conference, which was organised by the Indian Ministry of Defence (Finance), brought together 500 high level delegates from 26 countries, including the United States, the United Kingdom, Canada, South Africa and France.

When comparisons are made with other nations, Australia is leading the way in a number of areas in the financial arena.

“Our processes are well ahead of most of the other countries that were represented at the conference, particularly our joint approach,” said Mr Veitch.

“Our jointness allows Australia to enjoy many benefits in command and control, operations, capability development, acquisition and financial management – benefits that many other countries don’t enjoy.”

Mr Veitch and Head Capability Systems, Rear Admiral Matt Tripovich, both presented at the conference and participated in panel discussions.

Mr Veitch spoke on Defence planning and budgeting and took part in a panel on optimal resource allocation in Defence.

Rear Admiral Tripovich presented on capability development and acquisition reforms and participated in a panel discussion on the myriad dimensions in Defence acquisition.

“We found that most countries are experiencing challenges with accrual accounting, reporting, asset management, capability development and acquisition reform. We are not alone on this front,” said Mr Veitch.

“A number of countries were also interested in the work we had done on accrual accounting and the remediation of accounts, and we intend to follow up and help others in these areas in the future.

“The conference was of great interest to all involved. The Indian Ministry of Defence (Finance) should be proud of its initiative in bringing together such a high level group of people from government, defence, industry and academia,” he said.

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