Overview
This Act is mainly about the governance, performance and accountability of Commonwealth entities.
It is also about:
• the use and management of public resources by the Commonwealth and Commonwealth entities; and
• the accountability of Commonwealth companies.
Many of the terms in this Act are defined. The Dictionary in section 8 contains a list of every term that is defined in this Act.
Chapter 2--Commonwealth entities and the Commonwealth
Part 2 - 1--Core provisions for Chapter 2
Part 2 - 1 has the core provisions for Chapter 2 (which is mainly about Commonwealth entities but does have some provisions relating to the Commonwealth specifically). It:
• defines what a Commonwealth entity is (see section 10); and
• defines what the 2 types of Commonwealth entities--corporate Commonwealth entities and non - corporate Commonwealth entities--are (see section 11); and
• defines who the accountable authority of the entity is (see section 12); and
• defines who the officials of the entity are (see section 13).
Part 2 - 2--Accountable authorities and officials
Part 2 - 2 is about the accountable authorities and officials of Commonwealth entities. It mainly deals with the general duties that are imposed on accountable authorities and officials.
Part 2 - 3--Planning, performance and accountability
Part 2 - 3 is about planning by, and performance and accountability of, Commonwealth entities. It requires the accountable authority of a Commonwealth entity:
• to prepare a corporate plan, and budget estimates, for the entity; and
• to measure and assess the performance of the entity, and prepare annual performance statements for the entity; and
• to prepare annual financial statements for the entity; and
• to prepare an annual report for the entity.
It also requires the Finance Minister to publish monthly financial reports and table annual consolidated statements in the Parliament.
Part 2 - 4--Use and management of public resources
Part 2 - 4 is about the use and management of public resources by the Commonwealth and Commonwealth entities. It deals with:
• banking, borrowing, investments, indemnities, guarantees and warranties by the Commonwealth and corporate Commonwealth entities, and insurance obtained by corporate Commonwealth entities; and
• waivers, set - offs and act of grace payments by the Commonwealth.
It also has special provisions that apply to Ministers or officials of non - corporate Commonwealth entities (for example in relation to making gifts and liability for loss).
Part 2 - 5--Appropriations
Part 2 - 5 has some specific provisions relating to appropriations of the CRF. In particular, it deals with special accounts.
Part 2 - 6--Cooperating with other jurisdictions
Part 2 - 6 is about the Commonwealth and Commonwealth entities cooperating with the States and Territories. It allows the rules to prescribe situations where the accountable authority of a Commonwealth entity is required to share information with the States and Territories. It also prohibits the Commonwealth from preventing State or Territory Auditors - General from conducting audits in certain situations.
Part 2 - 7--Companies, subsidiaries and new corporate Commonwealth entities
Part 2 - 7 has provisions relating to the Commonwealth's involvement in companies, the responsibility of corporate Commonwealth entities for their subsidiaries, and the creation of new corporate Commonwealth entities.
Chapter 3--Commonwealth companies
Part 3 - 1--General
Part 3 - 1 has the core provisions for Chapter 3 (which is about Commonwealth companies). It:
• defines what a Commonwealth company is (see subsection 89(1)); and
• defines what a wholly - owned Commonwealth company is (see section 90).
It also has some requirements that apply to the directors of wholly - owned Commonwealth companies.
Part 3 - 2--Planning and accountability
Part 3 - 2 is about planning by, and the accountability of, Commonwealth companies. It requires the directors of a Commonwealth company:
• to prepare a corporate plan and, in the case of a wholly - owned Commonwealth company, budget estimates for the company; and
• to prepare an annual report for the company.
Chapter 4--Rules, delegations and independent review
Part 4 - 1--The rules
Part 4 - 1 is about the rules. It provides the general power to make the rules and provides additional matters in relation to which rules can be made.
Part 4 - 2--Delegations
Part 4 - 2 is about delegations. It sets out when the Finance Minister, the Treasurer, the Finance Secretary and the accountable authority of a non - corporate Commonwealth entity may delegate a power, function or duty under this Act or the rules.
Part 4 - 3--Independent review
Part 4 - 3 requires the Finance Minister, in consultation with the Joint Committee of Public Accounts and Audit, to conduct an independent review of the operation of this Act and the rules.