Source: https://www.legislation.gov.au/Details/C2011C00705
Timestamp: 2019-10-19 11:52:29
Document Index: 737186996

Matched Legal Cases: ['art 3', 'art 4', 'art 6', 'art 7', 'art 8', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 6', 'art 7', 'art 8', 'art 9', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 6', 'art 7', 'art 8', 'art 9', 'art 6', 'art 6', 'art 6', 'art 6', 'art 2', 'art 4']

Details: C2011C00705
- C2011C00705
Act No. 154 of 1997 as amended, taking into account amendments up to Financial Framework Legislation Amendment Act (No. 1) 2011
An Act to provide for the proper use and management of public money, public property and other Commonwealth resources, and for related purposes
C2011C00705
Part 3—Collection, custody etc. of public money
Part 4—Accounting, appropriations and payments
Part 6—Control and management of public property
Part 7—Special responsibilities of Chief Executives
Part 8—Reporting and audit
Act No. 154 of 1997 as amended
The main purpose of this Act is to provide a framework for the proper management of public money and public property. Public money and public property are defined in section 5. Broadly, those terms refer to money or property that is owned or held by the Commonwealth, including money or property held on trust.
This Act contains rules about how public money and property are to be dealt with. Many of the detailed rules are in regulations made under section 65.
Many of the rules in this Act apply to officials of Agencies and to Chief Executives of Agencies. Agency, official and Chief Executive are defined in section 5.
Part 2 General provisions about definitions: This Part contains definitions of terms that are frequently used throughout this Act and general provisions about notional payments and receipts by Agencies.
Part 3 Collection, custody etc. of public money: This Part deals with the collection and custody of public money. It deals with matters such as banking and liability for loss of public money.
Part 4 Accounting, appropriations and payments: This Part establishes an accounting framework for public money that involves the Consolidated Revenue Fund and Special Accounts. This Part has a number of rules that apply to the adjustment of appropriations in certain circumstances. It also deals with miscellaneous matters such as act of grace payments by the Commonwealth and waiver of debts owing to the Commonwealth.
Part 5 Borrowing, investment and involvement in companies: This Part gives the Finance Minister limited powers to borrow money on behalf of the Commonwealth. It also deals with the investment of public money, and a Minister’s obligation to inform the Parliament of the Commonwealth or a prescribed body’s involvement in a company.
Part 6 Control and management of public property: This Part has rules about the control and management of public property. It deals with matters such as misapplication of public property and liability for loss of public property.
Part 6A Interjurisdictional agencies: This Part sets out that the regulations may prescribe a Commonwealth agency as an interjurisdictional agency. An interjurisdictional agency involves, jointly, the Commonwealth and participating State and/or Territory jurisdictions in the governance of that agency. This Part also provides that the regulations may set out the obligations on Chief Executives of interjurisdictional agencies.
Part 7 Special responsibilities of Chief Executives: The rules in this Part apply to Chief Executives of Agencies. The rules deal generally with the control and management of public money and public property for which Chief Executives have a management responsibility.
Part 8 Reporting and audit: This Part deals with the preparation and audit of financial statements of the Commonwealth. It also deals with the audit of annual financial statements of Agencies.
Part 9 Miscellaneous: This Part deals with miscellaneous matters such as Finance Minister’s Orders, regulations and delegations.
The following Acts are directly relevant to the operation or interpretation of this Act:
The Annual Appropriation Acts appropriate money out of the Consolidated Revenue Fund.
The Auditor‑General Act 1997 establishes the office of Auditor‑General and sets out the functions of the Auditor‑General. It also provides for the appointment of an Independent Auditor to audit the Australian National Audit Office.
The Acts Interpretation Act 1901 contains many general rules about the meaning or effect of many terms and provisions that are commonly used in Commonwealth Acts.
The Commonwealth Authorities and Companies Act 1997 contains reporting, accountability and other rules that apply to Commonwealth authorities and Commonwealth companies (which are separate legal entities to the Commonwealth).
This list is not exhaustive. Acts other than those listed above might also affect the operation or interpretation of this Act.
Part 2—General provisions about definitions 2
6............ Notional payments and receipts by Agencies...................................... 4
Part 3—Collection, custody etc. of public money 5
8............ Agreements with banks about receipt, transmission etc. of public money 5
9............ Official bank accounts......................................................................... 5
10.......... Public money must be promptly banked etc........................................ 6
11.......... Public money not to be paid into non‑official account......................... 6
12.......... Receipt and spending of public money by outsiders........................... 6
13.......... Money not to be withdrawn from official account without authority.. 7
14.......... Misapplication or improper use of public money................................ 7
15.......... Liability for loss of public money....................................................... 7
16.......... Special Instructions by Finance Minister about handling etc. of special public money 8
Part 4—Accounting, appropriations and payments 10
Division 1—Accounts and records in relation to public money 10
19.......... Accounts and records in relation to public money............................. 10
Division 1A—Special Accounts 11
20.......... Establishment of Special Accounts by Finance Minister................... 11
21.......... Special Accounts established by other Acts...................................... 12
22.......... Disallowance of determinations relating to Special Accounts........... 13
Division 2—Drawing rights 14
26.......... Drawing rights required for payment etc. of public money............... 14
27.......... Issue of drawing rights..................................................................... 14
Division 3—Appropriations 15
28.......... Repayments by the Commonwealth.................................................. 15
30.......... Repayments to the Commonwealth................................................... 15
30A....... Appropriations to take account of recoverable GST.......................... 15
31.......... Retaining prescribed receipts............................................................. 16
32.......... Transfer of Agency functions........................................................... 17
Division 3A—Recording of amounts in accounts and records 19
32A....... Recording of amounts in accounts and records................................. 19
Division 4—Miscellaneous 20
33.......... Finance Minister may approve act of grace payments....................... 20
34.......... Finance Minister may waive debts etc............................................... 20
36.......... Presiding Officers may approve expenditure.................................... 21
Part 5—Borrowing, investment and involvement in companies 22
37.......... Unauthorised borrowing agreements are invalid............................... 22
38.......... Finance Minister may borrow for short periods................................ 22
39.......... Investment of public money.............................................................. 22
39A....... Minister must inform Parliament of involvement in a company by the Commonwealth or a prescribed body 24
Part 6—Control and management of public property 26
40.......... Custody etc. of securities.................................................................. 26
41.......... Misapplication or improper use of public property........................... 26
42.......... Liability for loss etc. of public property............................................ 26
43.......... Gifts of public property..................................................................... 27
Part 6A—Interjurisdictional agencies 29
43A....... Interjurisdictional agencies................................................................ 29
Part 7—Special responsibilities of Chief Executives 30
44.......... Promoting proper use etc. of Commonwealth resources................... 30
44A....... Keeping responsible Minister and Finance Minister informed.......... 30
45.......... Fraud control plan............................................................................. 31
46.......... Audit committee................................................................................ 31
47.......... Recovery of debts............................................................................. 31
48.......... Accounts and records........................................................................ 31
49.......... Annual financial statements............................................................... 32
50.......... Additional financial statements.......................................................... 32
51.......... Reporting requirements if Agency ceases to exist or Agency functions are transferred 32
52.......... Chief Executive’s instructions........................................................... 33
53.......... Chief Executive may delegate powers............................................... 33
Part 8—Reporting and audit 35
54.......... Finance Minister must publish monthly financial statements............ 35
55.......... Preparation of annual statements by Finance Minister...................... 35
56.......... Audit of Finance Minister’s annual financial statements................... 35
57.......... Audit of annual financial statements of Agency................................ 36
Part 9—Miscellaneous 37
58.......... Modifications of Act for intelligence or security agency or prescribed law enforcement agency 37
60.......... Misuse of Commonwealth credit card............................................... 37
62.......... Finance Minister may delegate powers............................................. 38
62A....... Treasurer may delegate powers......................................................... 38
63.......... Finance Minister’s Orders................................................................ 39
64.......... Guidelines by Ministers.................................................................... 39
65.......... Regulations....................................................................................... 39
This Act may be cited as the Financial Management and Accountability Act 1997.
(2) If this Act does not commence under subsection (1) by 1 July in the next calendar year after the calendar year in which this Act receives the Royal Assent, it commences on that 1 July.
(a) a Department of State:
(i) including persons who are allocated to the Department (for the purposes of this Act) by regulations made for the purposes of this paragraph; but
(ii) not including any part of the Department that is a prescribed Agency;
(b) a Parliamentary Department, including persons who are allocated to the Department (for the purposes of this Act) by regulations made for the purposes of this paragraph;
(c) a prescribed Agency.
appropriation means an authority under this Act or any other law to draw money from the Consolidated Revenue Fund, whether or not the law concerned uses the word “appropriation” or “appropriated”.
(a) a person who carries on the business of banking, either in Australia or outside Australia; or
(b) any other institution:
(i) that carries on a business in Australia that consists of or includes taking money on deposit; and
(ii) the operations of which are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory.
(a) for a prescribed Agency—the person identified by the regulations as the Chief Executive of the Agency; or
(b) for any other Agency—the person who is the Secretary of the Agency for the purposes of the Public Service Act 1999 or the Parliamentary Service Act 1999.
CRF or Consolidated Revenue Fund means the Consolidated Revenue Fund referred to in section 81 of the Constitution.
Department of the Treasury means the Department administered by the Treasurer and includes:
(a) persons who are allocated to the Department (for the purposes of this Act) by regulations made for the purposes of subparagraph (a)(i) of the definition of Agency in this section; or
(b) any part of the Department that is a prescribed Agency.
Finance Minister’s Orders means Orders made under section 63.
official means a person who is in an Agency or is part of an Agency.
official account means a bank account referred to in section 9.
prescribed Agency means a body, organisation or group of persons prescribed by the regulations for the purposes of this definition.
public money means:
(a) money in the custody or under the control of the Commonwealth; or
(b) money in the custody or under the control of any person acting for or on behalf of the Commonwealth in respect of the custody or control of the money;
including such money that is held on trust for, or otherwise for the benefit of, a person other than the Commonwealth.
public property means:
(a) property in the custody or under the control of the Commonwealth; or
(b) property in the custody or under the control of any person acting for or on behalf of the Commonwealth in respect of the custody or control of the property;
including such property that is held on trust for, or otherwise for the benefit of, a person other than the Commonwealth.
(a) a Special Account that is established by the Finance Minister under section 20; or
(b) a Special Account that is established by an Act other than this Act.
Special Instruction means an instruction by the Finance Minister under section 16.
special public money has the meaning given by section 16.
6 Notional payments and receipts by Agencies
(c) this Act applies in relation to the notional payment as if it were a real payment; and
(d) this Act applies in relation to the notional receipt of the notional payment as if it were a real receipt.
Note: This section applies to transactions that do not actually involve payments or receipts, because the parties to the transaction are merely parts of the Commonwealth, or acting as agents for the Commonwealth. For example, Agency 1 “pays” Agency 2 for services provided by Agency 2. One of the effects of this section is that a drawing right under section 27 will be required for the transaction.
8 Agreements with banks about receipt, transmission etc. of public money
(1) The Finance Minister may, on behalf of the Commonwealth, enter into an agreement with any bank:
(a) for the receipt, custody, payment or transmission of public money, either inside or outside Australia; or
(b) for any other matter relating to the conduct of the banking business of the Commonwealth.
(2) An agreement under this section may provide for the payment of interest and other charges by the Commonwealth.
(3) An agreement under this section may not provide for overdraft drawings by the Commonwealth unless it provides for each drawing to be repaid within 30 days.
Note: An overdraft drawing consists of the bank meeting the payment of a cheque, or making an “electronic payment” to another account, and in each case debiting the payment against an account that has an insufficient balance. Section 38 deals with overdrafts that arise in respect of advances that are paid to the Commonwealth.
(4) An agreement for an overdraft on an official account must not be made except under this section.
(5) An agreement under this section may not be made for a period of more than one year unless the agreement can be terminated by the Commonwealth at any time after giving notice of not more than 6 months.
9 Official bank accounts
(1) The Finance Minister may open and maintain bank accounts in accordance with agreements under section 8, and must open and maintain at least one such bank account.
(2) A bank account must have a name that includes the word “Official”.
(3) An account for the receipt, custody, payment or transmission of public money must not be opened except in accordance with this section.
10 Public money must be promptly banked etc.
An official or Minister who receives public money (including money that becomes public money upon receipt) must bank it as required by the regulations or otherwise deal with it as required by the regulations. For this purpose, money includes cheques and similar instruments.
11 Public money not to be paid into non‑official account
An official or Minister must not deposit public money in any account other than an official account. For this purpose, money includes cheques and similar instruments.
12 Receipt and spending of public money by outsiders
(1) An official or Minister must not enter into an agreement or arrangement for the receipt, custody or payment of public money by an outsider unless:
(a) the Finance Minister has first given a written authorisation for the agreement or arrangement; or
(b) the agreement or arrangement is expressly authorised by this Act or by another Act.
(2) An outsider commits an offence if:
(a) the outsider receives or has custody of public money under an agreement or arrangement mentioned in subsection (1); and
(b) the outsider makes a payment of the public money; and
(c) that payment is not authorised by the agreement or arrangement.
Note: Section 27 allows a drawing right to be issued to an official or a Minister to debit an amount against an appropriation (as a result of a payment of public money by an outsider).
outsider means any person other than the Commonwealth, an official or a Minister.
13 Money not to be withdrawn from official account without authority
An official must not withdraw money from an official account except as authorised by the regulations.
15 Liability for loss of public money
(a) a loss of public money occurs; and
(b) at the time of the loss, an official or Minister had nominal custody of the money as described in subsection (2);
the official or Minister is liable to pay to the Commonwealth an amount equal to the loss. However, it is a defence if the person proves that he or she took reasonable steps in all the circumstances to prevent the loss.
(2) A person has nominal custody of public money if:
(a) the person holds the money by way of a petty cash advance, “change float” or other advance; or
(b) the person has received the money, but has not yet dealt with it as required by section 10.
(b) an official or Minister caused or contributed to the loss by misconduct, or by a deliberate or serious disregard of reasonable standards of care;
the official or Minister is liable to pay to the Commonwealth an amount equal to the loss. However, if the person’s misconduct or disregard was not the sole cause of the loss, the person is liable to pay only so much of the loss as is just and equitable having regard to the person’s share of the responsibility for the loss.
(4) A person’s liability under this section that arises when the person is an official or Minister is not avoided merely because the person ceases to be an official or Minister.
(5) An amount payable to the Commonwealth under this section is recoverable as a debt in a court of competent jurisdiction.
(6) The Commonwealth is not entitled to recover amounts from the same person under both subsections (1) and (3) for the same loss.
loss includes a deficiency.
16 Special Instructions by Finance Minister about handling etc. of special public money
(1) The Finance Minister may, by legislative instrument, issue Special Instructions about special public money, including instructions about:
(a) the custody of special public money;
(b) the investment of special public money;
(c) the application of interest or other amounts derived from the investment of special public money;
(d) the application of special public money in paying the expenses involved in dealing with special public money.
(2) In case of inconsistency, Special Instructions override this Act, the regulations and the Finance Minister’s Orders. However, Special Instructions cannot be inconsistent with the terms of any trust that applies to the money concerned.
(3) An official or Minister must not contravene any Special Instruction.
special public money means public money that is not held on account of the Commonwealth or for the use or benefit of the Commonwealth.
Note: Money held by the Commonwealth on trust for another person is an example of special public money.
Division 1—Accounts and records in relation to public money
19 Accounts and records in relation to public money
The Finance Minister must cause proper accounts and records to be kept in relation to the receipt and expenditure of public money.
Note: Section 48 requires Chief Executives of Agencies to keep accounts and records in accordance with the Finance Minister’s Orders.
Division 1A—Special Accounts
20 Establishment of Special Accounts by Finance Minister
(1) The Finance Minister may make a written determination that does all of the following:
(c) specifies the purposes for which amounts are allowed or required to be debited from the Special Account.
Note: See section 32A for when the crediting or debiting of an amount takes effect.
(1A) A determination under subsection (1) may specify that an amount may or must be debited from a Special Account established under subsection (1) otherwise than in relation to the making of a real or notional payment.
(2) The Finance Minister may make a determination that revokes or varies a determination made under subsection (1).
(3) The Finance Minister may make a determination that abolishes a Special Account established under subsection (1).
(4) The CRF is hereby appropriated for expenditure for the purposes of a Special Account established under subsection (1), up to the balance for the time being of the Special Account.
(4A) If the Finance Minister makes a determination that allows an amount standing to the credit of a Special Account to be expended in making payments for a particular purpose, then, unless the contrary intention appears, the amount may also be applied in making notional payments for that purpose.
Note: This subsection applies to transactions that do not actually involve payments because the parties to the transaction are merely parts of the Commonwealth or acting as agents for the Commonwealth. For example, Agency 1 “pays” Agency 2 for services provided by Agency 2.
(5) Whenever an amount is debited against the appropriation in subsection (4), the amount is taken to be also debited from the Special Account.
Sunsetting and disallowance
(6) A determination made under subsection (1) or (2) is a legislative instrument, but Part 6 (sunsetting) of the Legislative Instruments Act 2003 does not apply to the determination.
Note: See section 22 for tabling and disallowance of a determination made under subsection (1) or (2).
(7) A determination made under subsection (3) is a legislative instrument, but neither section 42 (disallowance) nor Part 6 (sunsetting) of the Legislative Instruments Act 2003 applies to the determination.
21 Special Accounts established by other Acts
(1) If another Act establishes a Special Account and identifies the purposes of the Special Account, then the CRF is hereby appropriated for expenditure for those purposes, up to the balance for the time being of the Special Account.
Note 3: See section 32A for when the crediting or debiting of an amount takes effect.
(1A) If an Act allows an amount standing to the credit of a Special Account to be applied, debited, paid or otherwise used for a particular purpose, then, unless the contrary intention appears, the amount may also be applied, paid or otherwise used in making a notional payment for that purpose.
(2) Whenever an amount is debited against the appropriation in subsection (1), the amount is taken to be also debited from the Special Account.
22 Disallowance of determinations relating to Special Accounts
(1) This section applies to a determination made by the Finance Minister under subsection 20(1) or (2).
(2) The Finance Minister must cause a copy of the determination to be tabled in each House of the Parliament.
(3) Either House may, following a motion upon notice, pass a resolution disallowing the determination. To be effective, the resolution must be passed within 5 sitting days of the House after the copy of the determination was tabled in the House.
Division 2—Drawing rights
26 Drawing rights required for payment etc. of public money
(a) make a payment of public money;
(b) request that an amount be debited against an appropriation;
(c) debit an amount against an appropriation.
27 Issue of drawing rights
(1) The Finance Minister may issue a drawing right to an official or Minister that authorises the official or Minister to do one or more of the following:
(b) request the debiting of an amount against an appropriation;
(2) If a law requires the payment of an amount of public money and there is an available appropriation for that payment:
(a) the Finance Minister must issue sufficient drawing rights to allow the amount to be paid in full; and
(b) the recipient of any of those drawing rights must exercise the rights in full.
(3) If a law permits the payment of an amount of public money, but does not require the payment of that amount, there is no obligation to issue or exercise drawing rights for that amount.
(4) The Finance Minister may at any time revoke or amend a drawing right.
(5) A drawing right has no effect to the extent that it claims to authorise the application of public money in a way that is not authorised by an appropriation.
Division 3—Appropriations
28 Repayments by the Commonwealth
(c) apart from this section there is no appropriation for the repayment.
Note: For example, this section would apply to a law that requires an application fee to be refunded to an unsuccessful applicant. It would also apply to a contractual obligation to repay a loan.
(2) The CRF is appropriated for the repayment.
30 Repayments to the Commonwealth
(a) an amount is paid by the Commonwealth; and
(b) an appropriation is debited as a result of the payment; and
(c) some or all of the amount is repaid to the Commonwealth;
the appropriation is increased by an amount equal to the amount repaid.
Note: See section 32A for when the increase takes effect.
Recoverable GST on acquisitions
(a) a payment in respect of an acquisition is made in reliance on a limited appropriation; and
(b) a GST qualifying amount has arisen or does arise for that acquisition;
then the appropriation is increased by the amount of the GST qualifying amount.
Recoverable GST on importations
(a) a payment of GST on an importation is made in reliance on a limited appropriation; and
(b) a GST qualifying amount has arisen or does arise for that importation;
31 Retaining prescribed receipts
(1) This section applies if an Agency receives an amount of a kind prescribed by the regulations for the purposes of this section.
(2) The amount specified in the most recent departmental item for the Agency is taken to be increased by an amount equal to the amount received by the Agency.
departmental item means a departmental item in an Appropriation Act.
32 Transfer of Agency functions
(1) This section applies if a function of an Agency (the transferring Agency) is transferred to another Agency, either because the transferring Agency is abolished or for any other reason.
No change in overall appropriation
(4) A determination under subsection (2) cannot result in a change in the total amount appropriated.
(5) If the transfer of function is between Parliamentary Departments, the Finance Minister must not make a determination under subsection (2) unless it is in accordance with a written recommendation of the Presiding Officers.
(7) A determination under subsection (2) is a legislative instrument, but neither section 42 (disallowance) nor Part 6 (sunsetting) of the Legislative Instruments Act 2003 applies to the determination.
(8) Despite subsection 12(2) of the Legislative Instruments Act 2003, a determination under subsection (2) of this section may be expressed to take effect before the day it is registered under that Act (including before the day on which it is made).
(9) Nothing in subsection (8) authorises expenditure under an appropriation that did not exist at the time of the expenditure.
Division 3A—Recording of amounts in accounts and records
32A Recording of amounts in accounts and records
(1) The crediting of an amount to a Special Account, or the debiting of an amount from a Special Account, takes effect at the time an entry connected with the crediting or debiting is made in the accounts and records of the Agency concerned.
Repayments to the Commonwealth
(2) The increase to an appropriation in accordance with section 30 takes effect at the time an entry recording the repayment concerned is made in the accounts and records of the Agency concerned.
Recoverable GST
(3) The increase to an appropriation in accordance with subsection 30A(1) or (2) takes effect at the time an entry recording the GST qualifying amount is made in the accounts and records of the Agency concerned.
(4) The increase to an amount in accordance with subsection 31(2) takes effect at the time an entry recording the receipt of the amount mentioned in subsection 31(1) is made in the accounts and records of the Agency concerned.
33 Finance Minister may approve act of grace payments
(1) If the Finance Minister considers it appropriate to do so because of special circumstances, he or she may authorise the making of any of the following payments to a person (even though the payment or payments would not otherwise be authorised by law or required to meet a legal liability):
Note: See also subparagraph 65(2)(a)(ia) (which allows regulations to be made about the Finance Minister considering a report from specified persons before authorising a total amount that is more than a specified amount).
(3) Conditions may be attached to payments under this section. If a condition is breached, the payment may be recovered by the Commonwealth as a debt in a court of competent jurisdiction.
Note: Act of grace payments under this section must be made from money appropriated by the Parliament. Generally, an act of grace payment can be debited against an Agency’s annual appropriation, providing that it relates to some matter that has arisen in the course of its administration.
34 Finance Minister may waive debts etc.
(a) waive the Commonwealth’s right to payment of an amount owing to the Commonwealth;
(b) postpone any right of the Commonwealth to be paid a debt in priority to another debt or debts;
(c) allow the payment by instalments of an amount owing to the Commonwealth;
(d) defer the time for payment of an amount owing to the Commonwealth.
Note: See also subparagraph 65(2)(a)(ia) (which allows regulations to be made about the Finance Minister considering a report from specified persons before waiving a total amount that is more than a specified amount).
(3) A waiver may be made either unconditionally or on the condition that a person agrees to pay an amount to the Commonwealth in specified circumstances.
amount owing to the Commonwealth includes an amount that is owing but not yet due for payment.
36 Presiding Officers may approve expenditure
(1) The following persons have authority to approve a proposal to spend public money under an appropriation for a Parliamentary Department:
(a) a Presiding Officer, for expenditure under an appropriation for which he or she alone is responsible;
(b) the Presiding Officers jointly, for expenditure under an appropriation for which they are jointly responsible.
(2) A Presiding Officer may by written instrument delegate his or her powers under this section to an official. In exercising powers under the delegation, the official must comply with any directions of the Presiding Officer.
37 Unauthorised borrowing agreements are invalid
An agreement for the borrowing of money by the Commonwealth is of no effect unless the borrowing is authorised by an Act. For this purpose, borrowing includes obtaining an advance on overdraft.
38 Finance Minister may borrow for short periods
(1) The Finance Minister, on behalf of the Commonwealth, may enter into an agreement with any bank for borrowing money from the bank by way of advances (including advances on overdraft) that are to be paid to the Commonwealth and repaid by the Commonwealth within 90 days.
(2) The Finance Minister, on behalf of the Commonwealth, may enter into agreements in accordance with the regulations for borrowing money from banks or other persons. Such an agreement must require the money to be repaid within 60 days after the Commonwealth is notified by the lender of the amount borrowed.
39 Investment of public money
(1) The Finance Minister may, on behalf of the Commonwealth, invest public money in any authorised investment.
(2) The Treasurer may, on behalf of the Commonwealth, invest public money in any authorised investment.
(2A) For the purposes of investing public money under this section in securities of the Commonwealth, the Commonwealth is to be treated as if it were a separate legal entity to the entity issuing the securities.
(3) An investment of public money under this section must not be inconsistent with the terms of any trust that applies to the money concerned.
(5) Upon realisation of an investment of an amount debited from a Special Account, the proceeds of the investment must be credited to that Special Account.
(6) At any time before an investment matures, the Finance Minister or Treasurer, as the case requires, may, on behalf of the Commonwealth, authorise the re‑investment of the proceeds upon maturity in an authorised investment with the same entity.
Note: The proceeds of investment of the original investment will not become public money when the investment matures because the proceeds will not be received by or on behalf of the Commonwealth before the proceeds are re‑invested.
(9) The CRF is appropriated as necessary for the purposes of this section.
authorised investment means:
(a) in relation to the Finance Minister—any of the following investments:
(i) securities of the Commonwealth or of a State or Territory;
(ii) securities guaranteed by the Commonwealth, a State or a Territory;
(iii) a deposit with a bank, including a deposit evidenced by a certificate of deposit;
(iv) any other form of investment prescribed by the regulations; and
(b) in relation to the Treasurer—any of the following investments:
(iv) debt instruments issued or guaranteed by the government of a foreign country being debt instruments with an investment grade credit rating;
(iva) debt instruments issued or guaranteed by a financial institution whose members consist of foreign countries, or of Australia and foreign countries, being debt instruments with an investment grade credit rating;
(ivb) debt instruments denominated in Australian currency with an investment grade credit rating;
(v) any other form of investment prescribed by the regulations.
40 Custody etc. of securities
An official who receives any bonds, debentures or other securities in the course of carrying out duties as an official must deal with them in accordance with the regulations.
41 Misapplication or improper use of public property
An official or Minister must not misapply public property or improperly dispose of, or improperly use, public property.
42 Liability for loss etc. of public property
(a) a loss of public property occurs; and
(b) at the time of the loss, an official or Minister had nominal custody of the property as described in subsection (2);
the official or Minister is liable to pay to the Commonwealth the amount of the loss. However, it is a defence if the person proves that he or she took reasonable steps in all the circumstances to prevent the loss.
(2) A person (the custodian) has nominal custody of public property if both of the following conditions are satisfied:
(a) the custodian has taken delivery of the property and has not returned it to the person entitled to receive the property on behalf of the Commonwealth;
(b) when the custodian took delivery of the property the custodian signed a written acknowledgment that the property was delivered on the express condition that the custodian would at all times take strict care of the property.
the official or Minister is liable to pay to the Commonwealth the amount of the loss. However, if the person’s misconduct or disregard was not the sole cause of the loss, the person is liable to pay only so much of the amount of the loss as is just and equitable having regard to the person’s share of the responsibility for the loss.
amount of the loss means:
(a) if the property is damaged—the value of the property or the cost of repairing the property, whichever is less;
(b) in all other cases—the value of the property.
loss includes destruction or damage.
43 Gifts of public property
(a) the making of the gift is expressly authorised by law; or
(b) the Finance Minister has given written approval to the gift being made; or
(c) the Commonwealth acquired the property to use it as a gift.
44 Promoting proper use etc. of Commonwealth resources
(1) A Chief Executive must manage the affairs of the Agency in a way that promotes proper use of the Commonwealth resources for which the Chief Executive is responsible.
Note: A Chief Executive has the power to enter into contracts, on behalf of the Commonwealth, in relation to the affairs of the Agency. Some Chief Executives have delegated this power under section 53.
(2) In doing so, the Chief Executive must comply with this Act, the regulations, Finance Minister’s Orders, Special Instructions and any other law.
proper use means efficient, effective, economical and ethical use that is not inconsistent with the policies of the Commonwealth.
44A Keeping responsible Minister and Finance Minister informed
(1) A Chief Executive must:
(a) give the Minister responsible for the Agency such reports, documents and information in relation to the operations of the Agency as that Minister requires; and
(b) give the Finance Minister such reports, documents and information in relation to the financial affairs of the Agency as that Minister requires.
(2) A Chief Executive must comply with a requirement under paragraph (1)(a) or (b) within the time limits set by the Minister concerned.
(3) This section does not limit any other power that a Minister has to require information from an Agency.
45 Fraud control plan
A Chief Executive must implement a fraud control plan for the Agency. For this purpose, fraud includes fraud by persons outside the Agency in relation to activities of the Agency.
46 Audit committee
(1) A Chief Executive must establish and maintain an audit committee with functions that include:
(a) helping the Agency to comply with obligations under this Act, the regulations and Finance Minister’s Orders; and
(b) providing a forum for communication between the Chief Executive, the senior managers of the Agency, the internal auditors of the Agency and the Auditor‑General.
(2) The committee must be constituted in accordance with the regulations (if any).
47 Recovery of debts
(1) A Chief Executive must pursue recovery of each debt for which the Chief Executive is responsible unless:
(a) the debt has been written off as authorised by an Act; or
(b) the Chief Executive is satisfied that the debt is not legally recoverable; or
(c) the Chief Executive considers that it is not economical to pursue recovery of the debt.
(2) For the purposes of subsection (1), a Chief Executive is responsible for:
(a) debts owing to the Commonwealth in respect of the operations of the Agency; and
(b) debts owing to the Commonwealth that the Finance Minister has allocated to the Chief Executive.
48 Accounts and records
(1) A Chief Executive must ensure that accounts and records of the Agency are kept as required by the Finance Minister’s Orders.
(2) The Finance Minister is entitled to full and free access to the accounts and records kept under subsection (1). However, the Finance Minister’s access is subject to any law that prohibits disclosure of particular information.
49 Annual financial statements
(1) A Chief Executive must give to the Auditor‑General the annual financial statements required by the Finance Minister’s Orders.
(2) The financial statements must be prepared in accordance with the Finance Minister’s Orders and must give a true and fair view of the matters that those Orders require to be included in the statements.
(3) If financial statements prepared in accordance with the Finance Minister’s Orders would not otherwise give a true and fair view of the matters required by those Orders, the Chief Executive must add such information and explanations as will give a true and fair view of those matters.
(4) In the financial statements, the Chief Executive must state whether, in his or her opinion, the financial statements give a true and fair view of the matters required by Finance Minister’s Orders.
50 Additional financial statements
A Chief Executive must, when required by the Finance Minister, give the Finance Minister financial statements covering a period of less than a financial year. The Finance Minister may require the statements to include some or all of the details that are required to be included in the annual financial statements.
51 Reporting requirements if Agency ceases to exist or Agency functions are transferred
Agency ceases to exist
(1) If an Agency (the old Agency) ceases to exist, then, to the extent that its functions are not transferred to one or more other Agencies, the financial statements that would have been required to be prepared under section 49 by the Chief Executive of the old Agency must be prepared by another Chief Executive nominated by the Finance Minister.
Transfer of Agency functions
(2) If a function of an Agency (the transferring Agency) is transferred to one or more other Agencies, either because the transferring Agency ceases to exist or for any other reason, the financial statements under section 49 for that function must be prepared by the Chief Executive or Chief Executives nominated by the Finance Minister.
52 Chief Executive’s instructions
(1) The regulations may authorise Chief Executives to give instructions to officials in their Agencies on any matter on which regulations may be made under this Act.
(2) An instruction cannot create offences or impose penalties.
(3) An instruction is not a legislative instrument.
53 Chief Executive may delegate powers
(1) A Chief Executive may, by written instrument, delegate any of the following powers and functions to an official in any Agency:
(a) the Chief Executive’s powers or functions under this Act (including powers or functions that have been delegated to the Chief Executive under section 62 or 62A);
(b) the Chief Executive’s power to give instructions under regulations referred to in section 52.
(a) the Chief Executive delegates a power or function to a person; and
(b) the power or function is not one that has been delegated to the Chief Executive under section 62 or 62A;
the Chief Executive may give directions to the person in relation to the exercise of that power or the performance of that function. The person must comply with any such directions.
(1A) If the Chief Executive delegates to a person (the second delegate) a power or function that has been delegated to the Chief Executive under section 62 or 62A, then that power or function, when exercised or performed by the second delegate, is taken for the purposes of this Act to have been exercised or performed by the Finance Minister or Treasurer.
(2) If the Chief Executive is subject to directions in relation to the exercise of a power, or the performance of a function, delegated to the Chief Executive under section 62 or 62A, then:
(a) the Chief Executive must give corresponding directions to the second delegate; and
(b) the Chief Executive may give other directions (not inconsistent with those corresponding directions) to the second delegate in relation to the exercise of that power or the performance of that function.
54 Finance Minister must publish monthly financial statements
(1) As soon as practicable after the end of each month of a financial year, the Finance Minister must publish financial statements in relation to that month.
(2) The statements must be in a form that is consistent with the budget estimates for the financial year.
(3) The statements may include any additional information that the Finance Minister considers relevant.
55 Preparation of annual statements by Finance Minister
(1) As soon as practicable after the end of each financial year, the Finance Minister must prepare the annual financial statements required by the regulations.
(2) The Finance Minister must give the statements to the Auditor‑General as soon as practicable after they are prepared.
(3) If the Finance Minister has not given the statements to the Auditor‑General within 5 months after the end of the financial year, the Finance Minister must cause to be tabled in each House of the Parliament a statement of the reasons why the statements were not given to the Auditor‑General within that period.
56 Audit of Finance Minister’s annual financial statements
(1) As soon as practicable after receiving financial statements under section 55, the Auditor‑General must examine the statements and prepare an audit report in accordance with the regulations.
(2) Instead of preparing a single report, the Auditor‑General may prepare an initial report and one or more later supplementary reports.
(3) The Auditor‑General must give a copy of each report to the Finance Minister.
(4) The Finance Minister must cause a copy of each report to be tabled in each House of the Parliament as soon as practicable after receipt. Except in the case of a supplementary report, the copy that is tabled must be accompanied by a copy of the annual financial statements.
57 Audit of annual financial statements of Agency
(1) As soon as practicable after receiving financial statements under subsection 49(1) for an Agency, the Auditor‑General must examine the statements and report in accordance with this section to the Minister responsible for the Agency.
(2) In the report, the Auditor‑General must state whether, in the Auditor‑General’s opinion, the financial statements:
(a) have been prepared in accordance with the Finance Minister’s Orders; and
(b) give a true and fair view of the matters required by those Orders.
(3) If the Auditor‑General is of the opinion that failing to prepare the financial statements in accordance with the Finance Minister’s Orders has a quantifiable financial effect, the Auditor‑General must quantify that financial effect and state the amount.
(4) If the Auditor‑General is of the opinion that the Chief Executive has contravened section 48, the Auditor‑General must state particulars of the contravention.
(5) If the Auditor‑General is of the opinion that the Auditor‑General did not obtain all necessary information and explanations, the Auditor‑General must state particulars of the shortcomings.
(6) Instead of preparing a single report, the Auditor‑General may prepare an initial report and one or more later supplementary reports.
(7) A copy of the financial statements and the Auditor‑General’s report or reports must be included in the Agency’s annual report that is tabled in the Parliament.
58 Modifications of Act for intelligence or security agency or prescribed law enforcement agency
(1) The application of this Act to an intelligence or security agency, or to a prescribed law enforcement agency, is subject to any modifications that are prescribed by the regulations.
prescribed law enforcement agency means a law enforcement agency, within the meaning of section 85ZL of the Crimes Act 1914, that is prescribed by the regulations for the purposes of this definition.
60 Misuse of Commonwealth credit card
(1) An official or Minister must not use a Commonwealth credit card, or a Commonwealth credit card number, to obtain cash, goods or services otherwise than for the Commonwealth.
(2) Subsection (1) does not apply to a particular use of a Commonwealth credit card or Commonwealth credit card number if:
(b) the Commonwealth is reimbursed in accordance with the regulations.
Commonwealth credit card means a credit card issued to the Commonwealth to enable the Commonwealth to obtain cash, goods or services on credit.
62 Finance Minister may delegate powers
(1) The Finance Minister may, by written instrument, delegate to an official any of the Finance Minister’s powers or functions under this Act, except the power to make Orders or a function under subsection 39A(1).
62A Treasurer may delegate powers
(1) The Treasurer may, by signed instrument, delegate to any of the following officials of the Department of the Treasury any of the Treasurer’s powers or functions under this Act, except a function under subsection 39A(1):
(a) an official who is an SES employee;
(b) an official who is an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position;
(c) an official who occupies an office or position at an equivalent level to that of an SES employee, or an Executive Level 2.
(2) The Treasurer may, by signed instrument, give directions in relation to either or both of the following:
(a) the class or classes of authorised investment in which public money may be invested;
(3) The Treasurer must not give a direction under subsection (2) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring a delegate or delegates to allocate financial assets to a particular company, partnership, trust, body politic or business.
(4) If, at any time, a delegation is in force under subsection (1), there must be at least one direction in force under subsection (2).
(5) In exercising powers or functions under a delegation, a delegate must comply with:
(a) a direction in force under subsection (2); and
(b) any other direction given, by signed instrument, to the delegate by the Treasurer.
(6) The Treasurer must table a direction given under subsection (2) or paragraph (5)(b) in each House of the Parliament no later than 15 sitting days of that House after it is given.
authorised investment has the same meaning as in paragraph (b) of the definition of authorised investment in subsection 39(10).
63 Finance Minister’s Orders
(1) The Finance Minister may, by legislative instrument, make Orders:
(a) on any matter on which this Act requires or permits Finance Minister’s Orders to be made; and
(b) on any matter on which regulations may be made.
(2) An Order cannot create offences or impose penalties.
64 Guidelines by Ministers
(1) The regulations may authorise a Minister to issue guidelines to officials on matters within the Minister’s responsibility. The matters must be ones about which regulations may be made under this Act.
(2) A guideline cannot create offences or impose penalties.
(3) A guideline is a legislative instrument, but neither section 42 (disallowance) nor Part 6 (sunsetting) of the Legislative Instruments Act 2003 applies to the guideline.
(a) relating to any of the following matters:
(i) handling, spending and accounting for public money;
(ia) the Finance Minister considering a report from specified persons before authorising under subsection 33(1), or waiving under subsection 34(1), a total amount that is more than a specified amount;
(ib) the Finance Minister authorising payment of an amount if, at the time of a person’s death, the Commonwealth owed that amount to the person (including authorising without requiring production of probate of the will of the person or letters of administration of the estate of the person);
(ii) commitments to spend public money;
(iii) recovering amounts owing to the Commonwealth;
(iv) using or disposing of public property, or acquiring property that is to be public property;
(b) generally for ensuring or promoting:
(i) the proper use and management of public money, public property and other resources of the Commonwealth;
(ii) proper accountability for the use and management of public money, public property and other resources of the Commonwealth;
(c) for penalties for offences against the regulations by way of fines of up to 10 penalty units
Notes to the Financial Management and Accountability Act 1997
The Financial Management and Accountability Act 1997 as shown in this compilation comprises Act No. 154, 1997 amended as indicated in the Tables below.
The Financial Management and Accountability Act 1997 was amended by the Parliamentary Service (Consequential and Transitional) Determination 2000/1 (No. 1 of 2000). The amendment is incorporated in this compilation.
154, 1997
1 Jan 1998 (see Gazette 1997, No. GN49)
Ss. 5–9 and Schedule 1 (items 1–33): 1 July 1999 (a)
Ss. 5–9
Schedule 1 (item 481): 5 Dec 1999 (see Gazette 1999, No. S584) (b)
80, 2000
S. 4, Schedule 1 (items 139–144, 496) and Schedule 2 (items 113–118, 174): Royal Assent
S. 4, Sch. 1 (item 496) and Sch. 2 (item 174)
Schedule 2: 1 July 2006
Schedule 3 (item 10): 24 Mar 2005
Remainder: 7 Apr 2006
Schedule 1 (items 1–8, 10, 13–16, 19, 21): 1 Jan 2008 (see F2007L04788) Remainder: Royal Assent
Sch. 1 (items 13(2), 14–18)
Commonwealth Securities and Investment Legislation Amendment Act 2008
Schedule 1 (items 6–9, 15): 13 July 2008
Schedule 1 (items 15–61, 68–74): 20 Mar 2009
Sch. 1 (items 68–74)
Schedule 8: 1 Mar 2011
Schedule 6 (items 125–128): 19 Apr 2011
Schedule 2 (items 604, 605) and Schedule 3 (items 10, 11): [see Note 2 and Table A]
Sch. 2 (item 605) and Sch. 3 (items 10, 11)
Schedule 2: 1 Sept 2011 (see F2011L01793)
(a) The Financial Management and Accountability Act 1997 was amended by Schedule 1 (items 1–33) only of the Financial Management Legislation Amendment Act 1999, subsection 2(1) of which provides as follows:
(1) If this Act receives the Royal Assent before 1 May 1999, then this Act commences on 1 July 1999.
(b) The Financial Management and Accountability Act 1997 was amended by Schedule 1 (item 481) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:
Reader’s Guide..................
am. No. 20, 1999
Heading to Part 2..............
rs. No. 148, 2010
am. Nos. 20 and 146, 1999; Determination No. 1 of 2000; No. 78, 2008; No. 148, 2010; No. 5, 2011
rs. No. 90, 2008
Note to s. 6.........................
rs. No. 20, 1999; No. 90, 2008
Heading to s. 12................
rs. No. 20, 1999
rep. No. 20, 1999
Div. 1A of Part 4.................
ad. No. 20, 1999
am. No. 8, 2005; No. 89, 2011
Note to s. 20(1)..................
ad. No. 166, 2007
Note to s. 20(4)..................
Notes 1, 2 to s. 21(1).........
Note 3 to s. 21(1)...............
Ss. 23–25............................
am. No. 20, 1999; No. 90, 2008
rs. No. 166, 2007
am. No. 20, 1999; No. 166, 2007
rs. No. 20, 1999; No. 166, 2007
ad. No. 80, 2000
am. No. 166, 2007
Subhead. to s. 32(5)..........
am. No. 30, 2006; No. 90, 2008
Note to s. 33(3)..................
Note to s. 34(1)..................
am. Nos. 78 and 90, 2008
Note to s. 39(6)..................
ad. No. 148, 2010
Heading to s. 44................
am. No. 90, 2008; No. 148, 2010
Note to s. 44(1)..................
am. No. 89, 2011
Heading to s. 50................
am. No. 20, 1999; No. 8, 2005; No. 166, 2007
Heading to s. 58................
S. 62A.................................
rs. No. 78, 2008
am. No. 90, 2008; No. 89, 2011
Appendix A........................
The following amendment commences on 27 December 2011 unless proclaimed earlier:
604 Subsection 58(2) (definition of modifications)
As at 1 September 2011 the amendment is not incorporated in this compilation.
Financial Management Legislation Amendment Act 1999 (No. 20, 1999)
5 Conversion of RMF components and CAF components
(1) This section applies to each old component that:
(a) was in existence immediately before the commencing time; or
(b) is established by a provision of an Act that comes into operation after the commencing time.
However, this section does not apply to the Loan Consolidation and Investment Reserve.
Note: Schedule 1 repeals the Loan Consolidation and Investment Reserve Act 1955.
(2) The conversion time for the old component is:
(a) the commencing time, if the component was in existence immediately before the commencing time; or
(b) otherwise, the time when the component is established.
(3) At the conversion time:
(a) a new account is established in respect of the old component; and
(b) any balance of the old component is to be credited to the new account.
(4) The new account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.
(5) The name of the new account is:
(a) if the name of the old component ends with “Reserve”—a name that is the same as the name of the old component, but ends with “Account” instead of “Reserve”; or
(b) if the name of the old component ends with “Fund”—a name that is the same as the name of the old component, but ends with “Account” instead of “Fund”; or
(c) if the name of the old component ends with “Account”—a name that is the same as the name of the old component; or
(d) in any other case—the name determined in writing by the Finance Minister for the purposes of this subsection.
(6) In relation to matters that happen after the commencing time, a reference in any instrument to the old component is to be read as a reference to the new account and, in particular:
(i) transferring or paying an amount from the Consolidated Revenue Fund to the old component; or
(ii) debiting an amount from the Consolidated Revenue Fund and crediting the amount to the old component;
is to be read as a reference to crediting the amount to the new account; and
(i) transferring or paying an amount to the Consolidated Revenue Fund from the old component; or
(ii) debiting an amount from the old component and crediting the amount to the Consolidated Revenue Fund;
is to be read as a reference to debiting the amount from the new account; and
(c) a reference to paying an amount out of the old component is to be read as a reference to paying the amount out of the Consolidated Revenue Fund and debiting the amount from the new account.
(7) If the old component was established by the Finance Minister under the Financial Management and Accountability Act 1997, then:
(a) the new account is taken to have been established by a determination under section 20 of that Act (as amended by this Act); and
(b) that determination may be revoked or varied under that section; and
(c) the new account may be abolished under that section.
6 Transitional provisions for the Loan Fund
(1) In any instrument, a reference to the Loan Fund is to be read as a reference to the Consolidated Revenue Fund, in relation to matters occurring after the commencing time.
(a) after the commencing time, any appropriation that is expressed to be an appropriation of the Loan Fund has effect as an appropriation of the Consolidated Revenue Fund; and
(b) after the commencing time, any provision of an instrument that is expressed to require or permit the payment of an amount from the Loan Fund has effect as if it required or permitted the payment of that amount from the Consolidated Revenue Fund.
7 Instruments referring to payments into the Consolidated Revenue Fund
In any instrument, a reference to payment of an amount into the Consolidated Revenue Fund is to be read as a reference to payment of the amount to the Commonwealth (unless the amount is already public money).
Note: Public money is defined in the Financial Management and Accountability Act 1997.
8 Quarterly statements sufficient during transitional period
(1) Section 54 of the Financial Management and Accountability Act 1997 has effect in relation to the transitional period as if references to a month of a financial year were references to a quarter of a financial year.
(a) starting on the day on which this Act commences; and
(b) ending at the end of the third quarter after the quarter in which this Act commences.
(2) In particular, regulations may be made for matters of a transitional or saving nature arising from the amendments made by this Act.
(No. 166, 2007)
13 Saving—agreements for “net appropriations”
(2) Despite the amendment made by item 8, section 31 of the Financial Management and Accountability Act 1997 (as in force immediately before the commencement of that item) continues to apply after that commencement in relation to agreements entered into before that commencement.
14 Application—repayments by the Commonwealth
The amendment made by item 4 applies in relation to amounts received by the Commonwealth before or after the commencement of that item.
15 Application—repayments to the Commonwealth
The amendment made by item 6 applies in relation to amounts paid by the Commonwealth before or after the commencement of that item.
16 Application—recoverable GST
The amendment made by item 7 applies in relation to payments that occur after the commencement of that item.
17 Saving—transfer of Agency functions
Despite the amendment made by item 9, section 32 of the Financial Management and Accountability Act 1997 (as in force immediately before the commencement of that item) continues to apply after that commencement in relation to a change in function that occurred before that commencement.
18 Transitional—directions to delegates
A direction in force under subsection 53(2) of the Financial Management and Accountability Act 1997 immediately before the commencement of this item continues in force after that commencement as if it were a direction given under that subsection after that commencement.
Commonwealth Securities and Investment Legislation Amendment Act 2008 (No. 78, 2008)
15 Application of items 6 to 9
The amendments made by items 6 to 9 of this Schedule apply in relation to public money invested on or after the commencement of those items.
Financial Framework Legislation Amendment Act 2008 (No. 90, 2008)
68 Application—receipt and spending of public money by outsiders
(1) The amendment made by item 20 applies in relation to agreements or arrangements entered into on or after the commencement of that item.
(2) Subsection 12(2) of the Financial Management and Accountability Act 1997 (as inserted by this Act) applies in relation to agreements or arrangements entered into on or after the commencement of this item.
69 Application—drawing rights
The amendments made by items 32 and 33 apply in relation to drawing rights issued on or after the commencement of those items.
70 Saving—payments pending probate etc.
Despite the repeal of section 35 of the Financial Management and Accountability Act 1997 made by this Schedule, that section (as in force immediately before the commencement of item 39) continues to apply on and after that commencement in relation to payments that were authorised before that commencement.
71 Transitional—investment of public money
(1) If the corporation referred to in subsection 39(7) of the Financial Management and Accountability Act 1997 (as in force immediately before the commencement of item 44) held an investment under section 39 of that Act immediately before the commencement of that item, the investment is taken, on and after the commencement of that item, to be held by the Finance Minister on behalf of the Commonwealth.
(2) If the corporation referred to in subsection 39(8) of the Financial Management and Accountability Act 1997 (as in force immediately before the commencement of item 44) held an investment under section 39 of that Act immediately before the commencement of that item, the investment is taken, on and after the commencement of that item, to be held by the Treasurer on behalf of the Commonwealth.
72 Transitional—audit committees
(1) This item applies to an audit committee established in accordance with section 46 of the Financial Management and Accountability Act 1997 before the commencement of this item and in existence immediately before that commencement.
(2) The audit committee continues in existence on and after that commencement for the purposes of section 46 of that Act, as amended by this Act.
(3) However, if the audit committee does not comply with section 46 of that Act, as amended by this Act, the Chief Executive concerned must take whatever steps are necessary to ensure that the committee does so comply.
73 Saving—provision of information
Despite the repeal of subsection 50(2) of the Financial Management and Accountability Act 1997 made by this Schedule, that subsection (as in force immediately before the commencement of this item) continues to apply on and after that commencement in relation to a requirement made before that commencement.
74 Application—change of Agency functions
The amendment made by item 54 applies in relation to:
(a) Agencies that cease to exist on or after the commencement of that item; and
(b) functions of an Agency that are transferred on or after the commencement of that item.
605 Saving of regulations
The amendment made by item 604 does not affect the validity of regulations in force for the purposes of subsection 58(1) of the Financial Management and Accountability Act 1997 immediately before the commencement of that item.