Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY AMENDMENT REGULATIONS 2003 (NO. 3) 2003 NO. 148

STATUTORY RULES 2003 No. 148

Issued by the Authority of the Minister for Finance and Administration

Financial Management and Accountability Act 1997

Financial Management and Accountability Amendment Regulations 2003 (No. 3)

Subsection 65(1) of the Financial Management and Accountability Act 1997 (the FMA Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the Act.

The FMA Act provides a framework of rules for the proper management of, and accountability for, public money and public property that applies to Chief Executives of Agencies and their officials.

Section 5 of the FMA Act provides that, for the purposes of the Act, an 'Agency' includes a prescribed Agency.

Schedule 1 of the Financial Management and Accountability Regulations 1997 (the FMA Regulations) lists Agencies that have been prescribed for the purposes of section 5 of the FMA Act.

The regulations make the Seafarers Safety, Rehabilitation and Compensation Authority (Seacare Authority) a prescribed Agency for the purposes of the FMA Act. This ensures that the Seacare Authority is independently responsible and accountable under the FMA Act for its expenditure and use of public money, public property and other Commonwealth resources. The Seacare Authority is established by the Seafarers Rehabilitation and Compensation Act 1992.

The regulations also make some minor technical clarifications.

The regulations commence on 1 July 2003.