Commonwealth Numbered Regulations - Explanatory Statements

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COMMONWEALTH AUTHORITIES AND COMPANIES AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 178

STATUTORY RULES 2002 No. 178

Issued by the Authority of the Minister for Finance and Administration

Commonwealth Authorities and Companies Act 1997

Commonwealth Authorities and Companies Amendment Regulations 2002 (No. 1)

The Commonwealth Authorities and Companies Act 1997 (the Act) provides reporting, accountability and other rules for Commonwealth authorities and companies.

Subsection 49(1) of the Act provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the Act.

Section 5 of the Act defines a government business enterprise (GBE) as a Commonwealth authority or Commonwealth company that is prescribed by the regulations. Section 5 also defines a statutory marketing authority (SMA) as a Commonwealth authority that is prescribed by the regulations.

The regulations amend the Commonwealth Authorities and Companies Regulations 1997 (the Regulations) to: update the lists of GBEs and SMAs for the purposes of the Act; require responsible Ministers to include additional information in the notice they are obliged to table in the Parliament when the Commonwealth acquires or disposes of an interest in a company; and make a minor consequential amendment.

The Regulations amend:

•       CAC Regulation 4 to include Bankstown Airport Limited (BAL), Camden Airport Limited (CAL) and Hoxton Park Airport Limited (HPAL) in the list of Commonwealth authorities and companies that are prescribed as GBEs for the purposes of the Act and omit from the list Essendon Airport Limited (EAL) which has been sold and therefore ceased to be a Commonwealth company [Schedule 1, Item l];

•       CAC Regulation 4A to omit EAL and include BAL, CAL and HPAL in the list of Commonwealth companies for which the Minister for Finance and Administration is prescribed as the responsible Minister for the purposes of the Act [Schedule 1, Item 2];

•       CAC Regulation 5 to omit the Australian Pork Corporation, which has ceased to exist following the repeal of its enabling Act, from the list of Commonwealth authorities that are prescribed as SMAs for the purposes of the Act [Schedule 1, Item 3];

•       CAC Regulation 7 to require responsible Ministers to indicate in the notice they are obliged to table in the Parliament under section 45 of the Act, when the Commonwealth acquires or disposes of an interest in a company, whether the company is a public company, a large proprietary company, a small proprietary company or a single member company [Schedule 1, Item 4 and 5]; and

•       CAC Regulation 7 by omitting "Corporations Law" and substituting "Corporations Act 2001" [Schedule 1, Item 5].

The Regulations commenced on gazettal.