Commonwealth Numbered Acts Commonwealth Numbered Acts
Reader's guide
This Guide aims to give you a general overview of the matters covered by this Act. It also gives you some information about the way this Act is organised.
Overview of this Act
The main purpose of this Act is to provide a framework for the proper management of public money and public property. Public money and public property are defined in section 5. Broadly, those terms refer to money or property that is owned or held by the Commonwealth, including money or property held on trust.
This Act establishes an accounting system for public money that is based on the Consolidated Revenue Fund and 3 other funds established by this Act. The diagram in Appendix A illustrates the accounting system.
The Act also has rules about how public money and property are to be dealt with. Many of the detailed rules are in Finance Minister's Orders made under section 63 and regulations made under section 65.
Many of the rules in this Act apply to officials of Agencies and to Chief Executives of Agencies. Agency , official and Chief Executive are defined in section 5.
Summary of this Act
Part 1 Preliminary : This Part deals with the commencement of this Act, its application to things outside Australia and its application to the Crown.
Part 2 General provisions about definitions and offences : This Part contains definitions of terms that are frequently used throughout this Act and general provisions about offences.
Part 3 Collection, custody etc. of public money : This Part deals with the collection and custody of public money. It deals with matters such as banking and liability for loss of public money.
Part 4 Fund accounting, appropriations and payments : This Part establishes an accounting system for public money that involves the Consolidated Revenue Fund and the following funds established by this Act: a Loan Fund, a Reserved Money Fund and a Commercial Activities Fund. This Part has a number of rules that apply to Parliamentary appropriations. It also deals with miscellaneous matters such as act of grace payments by the Commonwealth and waiver of debts owing to the Commonwealth.
Part 5 Borrowing and investment : This Part gives the Finance Minister limited powers to borrow money on behalf of the Commonwealth. It also deals with the investment of public money.
Part 6 Control and management of public property : This Part has rules about the control and management of public property. It deals with matters such as misapplication of public property and liability for loss of public property.
Part 7 Special responsibilities of Chief Executives : The rules in this Part apply to Chief Executives of Agencies. The rules deal generally with the control and management of public money and public property for which Chief Executives have a management responsibility.
Part 8 Reporting and audit : This Part deals with the preparation and audit of financial statements of transactions of the Funds. It also deals with the audit of annual financial statements of Agencies.
Part 9 Miscellaneous : This Part deals with miscellaneous matters such as Finance Minister's Orders, regulations and delegations.
Related legislation
The following Acts are directly relevant to the operation or interpretation of this Act:
The Auditor-General Act 1997 establishes the office of Auditor-General and sets out the functions of the Auditor-General. It also provides for the appointment of an Independent Auditor to audit the Australian National Audit Office.
The Acts Interpretation Act 1901 contains many general rules about the meaning or effect of many terms and provisions that are commonly used in Commonwealth Acts.
This list is not exhaustive. Acts other than those listed above might also affect the operation or interpretation of this Act.
Another related Act is the Commonwealth Authorities and Companies Act 1997 . It contains reporting rules, accountability rules and other rules that apply to Commonwealth authorities and Commonwealth companies.
Contents
Financial Management and Accountability Act 1997 No. 154, 1997
[ Assented to 24 October 1997 ]
The Parliament of Australia enacts: