EXPLANATORY STATEMENT

Select Legislative Instrument 2005 No. 126

Minute No.  of 2005 – Minister for Finance and Administration

Subject – Financial Management and Accountability Act 1997

Financial Management and Accountability Amendment
Regulations 2005 (No. 4)

 

Subsection 65(1) of the Financial Management and Accountability Act 1997 (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 prescribe,d for carrying out or giving effect to the Act.

The Act provides a framework of rules for the proper management of public money and public property that applies to Chief Executives and officials of Agencies.

The Regulations prescribe the Royal Australian Mint for the purposes of the Act.

As a prescribed Agency, the Royal Australian Mint is financially autonomous from the Department of the Treasury and accountable under the Act for the proper management of public money and public property within its control or custody. The establishment of Royal Australian Mint as a prescribed Agency provides a framework for the transparent management of public money and public property and formalises current operating practices.

 

Further specific details of the Regulations are in the Attachment.

The Act specifies no conditions that need to be met before the power to make the Regulations was exercised.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

 

The Department of the Treasury was consulted in the preparation of the proposed Regulations, in accordance with section 17 of the Legislative Instruments Act 2003.

 

The Regulations commenced on 1 July 2005.

 

Authority:         Subsection 65(1) of the Financial Management and Accountability Act 1997.

 

 

 

 

 

 

 

 

 

 

 

 

ATTACHMENT

 

Details of the proposed Financial Management and Accountability Amendment Regulations 2005 (No. 4)

 

Regulation 1 - Name of Regulations

 

This regulation provides that the title of the Regulations is the Financial Management and Accountability Amendment Regulations 2005 (No. 4).

 

Regulation 2 - Commencement

 

This regulation provides for the Regulations to commence on 1 July 2005.

 

Regulation 3 - Amendment of Financial Management and Accountability Regulations 1997

 

This regulation provides that the Financial Management and Accountability Regulations 1997 (the Principal Regulations) would be amended as set out in Schedule 1.

 

Schedule 1 - Amendments

 

Item [1] – Schedule 1, Part 2, after item 144

 

Item 145 is inserted to prescribe the Royal Australian Mint. The Royal Australian Mint comprises the Chief Executive Officer; persons engaged under the Public Service Act 1999 who assist the Chief Executive Officer and persons employed under other arrangements to assist the Chief Executive Officer.