Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY AMENDMENT REGULATIONS 1999 (NO. 3) 1999 NO. 107

STATUTORY RULES 1999 No. 107

Issued by the authority of the Minister for Finance and Administration

Financial Management and Accountability Act 1997

Financial Management and Accountability Amendment Regulations 1999 (No. 3)

The attached Statutory Rules make regulations under subsection 65(1) of the Financial Management and Accountability Act 1997 (the FMA Act) to amend the Financial Management and Accountability Regulations.

The amendments to the regulations are necessary to give effect to amendments to the FMA Act in the Financial Management Legislation Amendment Act 1999 (FMLA). Schedule 1 of the regulations which lists the Agencies which are prescribed for the purposes of the definition of "Agency" in section 5 of the Act, is also amended by the regulations. In addition to Departments of State and Departments of the Parliament, section 5 of the FMA Act includes in the definition of "Agency", "a prescribed Agency", being an organisational unit which is to be regarded, for the purposes of the FMA Act, as a separate Agency from the Department of State within a portfolio. Regulation 5 prescribes all such Agencies by reference to Schedule 1 to the regulations. Schedule 1 names those Agencies, defines the persons which they comprise and specifies the Agency Chief Executive

Details of the regulations are as follows:

Regulation 1

This advises that the name of the regulations is the Financial Management and Accountability Amendment Regulations 1999 (No. 3)

Regulation 2

This provides that the amendments are to commence:

a) regulations 1, 2, and 3 and Schedule 1 - on gazettal;

b) Schedule 2 - on 1 July 1999.

Regulation 3

This provides that Schedules 1 and 2 amend the Financial Management and Accountability Regulations 1997.

Schedule 1

Schedule 1, Part 1, Item 129

This amends references to the National Capital Planning Authority to refer to the National Capital Authority to reflect the change of name of the organisation in the Schedule of prescribed Agencies.

Schedule 2

Regulation 3

This inserts a definition of "Treasury Chief Executive" as a result of amendments to section 39 of the FMA Act by the FMLA Act - Investment of Public Money. The definition is inserted as a consequence of regulation 22 being extended to provide the Treasurer with investment powers for the purpose of managing the public debt of the Commonwealth. The definition of "official advance" is omitted from these regulation due to the abolishment of Fund Accounting in accordance with the FMLA Act.

Part 5

Regulations 15, 16 and 17

This omits Part 5 of the regulations as a consequence of the repeal of the provisions in the Financial Management and Accountability Act 1997 relating to drawn money. The notion of "official advances" has been omitted by these amendment regulations and hence regulations 15, 16 and 17 are also omitted as they deal with the scope and approval of such advances.

Regulation 22

Regulation 22 has been extended to reflect amendments made to section 39 of the FMA Act by the FMLA Act which relate to the definition of 'authorised investment' and the powers given to the Treasurer in regard to the investment of public money. Regulation 22 provides the Treasurer with the same basic investment powers as those given to the Finance Minister to invest any public money in investments prescribed in these regulations (bills of exchange and professionally managed money market trusts). These powers can only be exercised by the Treasurer or his/her delegate for the purpose of managing the public debt of the Commonwealth.

Regulation 24A and 25A

These new regulations are inserted to provide for the delegation of the powers and functions of the Treasurer and the Treasury Chief Executive pursuant to the new section 62A of the FMA Act.

Schedule 1, Part 1 Item 111AAA

This inserts a new Item 111AAA in Schedule 1 to make the Australian Geological Survey Organisation (AGSO) a prescribed agency. Having regard to the nature and operation of AGSO, it is considered appropriate that it should be financially independent of the Department of Industry, Science and Resources for the purposes of the FMA Act.

Schedule 1, Part 1, Item 128AB

This item inserts a new Item 128AB in Schedule 1 to make the Migration Review Tribunal (MRT) a prescribed Agency. The Migration Legislation Amendment Act No. 1 of 1998 was proclaimed on 5 February 1999. The amendments establish the MRT as a prescribed agency for the purpose of the I'MA Act.

Schedule 1, Part 1, Item 143

This item inserts a new Item 143 in Schedule 1 to make the Refugee Review Tribunal (RRT) a prescribed Agency. The Migration Legislation Amendment Act No. 1 of 1998 was proclaimed on 5 February 1999. The amendments establish the RRT as a prescribed agency for the purpose of the FMA Act.