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.