EXPLANATORY STATEMENT

 

Select Legislative Instrument 2008 No. 266

 

Issued by the authority of the Minister for Finance and Deregulation

 

Financial Management and Accountability Act 1997

Financial Management and Accountability Amendment Regulations 2008 (No. 5)

The Financial Management and Accountability Act 1997 (FMA Act) provides a framework of rules for the proper management of public money and public property by Chief Executives and officials of FMA Act agencies.

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

Section 5 of the FMA Act provides that for the purposes of the FMA Act, a prescribed Agency means a body, organisation or group of persons prescribed by the regulations for the purposes of that definition. Agencies are prescribed in Schedule 1 to the Financial Management and Accountability Regulations 1997 (the Principal Regulations).

The Amendment Regulations changed the composition of the Murray-Darling Basin Authority to allow it to reflect its absorption of the functions of the Murray-Darling Basing Commission. This transition is part of the intergovernmental agreement (IGA) on the Murray-Darling Basin Reform signed by the Council of Australian Governments which establishes the new governance of the Murray-Darling Basin.

 

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

In accordance with section 17 of the Legislative Instruments Act 2003, the Department of the Environment, Heritage, Water and the Arts was consulted in relation to the amendments to the Murray-Darling Basin Authority.

Regulations 1 to 3 commenced the day after the Amendment Regulations were registered on the Federal Register of Legislative Instruments. Schedule 2 will commence on the commencement of the Water Amendment Act 2008.