The Department of Treasury and Finance was redesignated as the Department of Treasury on 1 July 2011. The Department of Finance was established on the same day.

The Department of Finance is responsible for providing Government with quality information and advice, delivering revenue and grant administration services to the community, and facilitating the achievements of other government departments.

The Department was established with five business units: Building Management and Works, Government Procurement, State Revenue, Shared Services, and Corporate Services. On 31 March 2012, the Department’s role expanded to include responsibility for the newly created Public Utilities Office. The Public Utilities Office was established following the abolition of the former Office of Energy to provide a range of services on energy matters to Government, industry and the community.

As a result of Machinery of Government Changes, the Economic Reform Division was transferred from the Department of Treasury to the Department of Finance, on 1 July 2013. The Shared Services Unit was decommissioned on 31 March 2014.

On 1 July 2015, Fremantle Prison – part of the Department of Finance since being decommissioned as an operating prison in 1991 – became a branch of the State Heritage Office.

A change of duties was again signalled for the Department of Finance following the announcement of Machinery of Government changes effective 1 July 2017. The Department assumed responsibility for the management of strategic projects (excluding asset sales) from the Department of Treasury. The Public Utilities Office and the Economic Reform Unit were transferred to Treasury under these same changes.