Commonwealth Numbered Regulations - Explanatory Statements

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FINANCE REGULATIONS (AMENDMENT) 1995 NO. 327

STATUTORY RULES 1995 No. 327

Issued by the authority of the Minister for Finance

Audit Act 1901

Finance Regulations (Amendment)

The attached Statutory Rules amend Finance Regulation 6A which was made under subsection 71(1) of the Audit Act 1901 (the Act). Section 2 of the Act provides, in part, that "prescribed authority" means a body corporate, or an unincorporated body, established for or under an enactment, that is declared by the regulations to be a prescribed authority; and includes a branch of the Australian Public Service prescribed for the purposes of the definition.

Regulation 6A of the Finance Regulations declares certain bodies and branches of the Australian Public Service to be prescribed authorities for the purposes of the Act. As prescribed authorities, they are covered by the definitions of "Department" in section 2 of the Act, subregulation 4(1) of the Finance Regulations and regulation 2 of the Finance (Overseas) Regulations.

The amendment declares the Australian Competition and Consumer Commission to be a prescribed authority for the purposes of the Act.

This ensures that the Commission will be subject to the Act and its subsidiary legislation in its own right. That is, it will conduct its own financial administration independently of the Department of the responsible Minister.