EXPLANATORY STATEMENT

Issued by the authority of the Minister for Finance and Administration

Select Legislative Instrument 2005 No. 6

 

Financial Management and Accountability Act 1997

Financial Management and Accountability Amendment Regulations 2005 (No. 1)

 

Subsection 65(1) of the Financial Management and Accountability Act 1997 (the 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 Act provides a framework of rules for the proper management of public money and public property that applies to Chief Executives and officials of Agencies.

The Financial Management and Accountability Amendment Regulations 2005 (No. 1)

prescribe the National Water Commission for the purposes of the Act.

The National Water Commission is a new statutory authority, established by section 6 of the National Water Commission Act 2004, which commenced on 17 December 2004. Prescribing the National Water Commission ensures that it is directly accountable under the Act for the proper management of public money and public property within its control or custody.

Further details of the amendment Regulations are in the Attachment.

The amendment Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

 

The amendment Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments.

 

ATTACHMENT

 

Details of the Financial Management and Accountability Amendment Regulations 2005 (No. 1)

 

Regulation 1 – Name of Regulations

 

This regulation provides that the title of the Regulations is the Financial Management and Accountability Amendment Regulations 2005 (No. 1).

 

Regulation 2 – Commencement

 

This regulation provides for the Regulations to commence on the date after they are registered on the Federal Register of Legislative Instruments.

 

Regulation 3 – Amendment of Financial Management and Accountability Regulations 1997

 

This regulation provides that the Financial Management and Accountability Regulations 1997 are amended as set out in Schedule 1.

 

Schedule 1 – Amendments commencing the day after registration

 

Item [1] - Schedule 1, Part 1, after item 133

 

Item 133A is inserted to prescribe the National Water Commission, as established by section 6 of the National Water Commission Act 2004. The National Water Commission comprises the Chief Executive Officer and the Commissioners of the National Water Commission, the staff mentioned in subsection 35 (1) of that Act, the officers and employees mentioned in subsections 36 (1) and (2) of that Act and consultants engaged under subsection 37 (1) of that Act.